| Year | Entity | Amount (in B/.) | Description |
|---|---|---|---|
| 2022 | CAJA DE AHORROS | 18,500.00 | For breaching AML/CFT regulations. - Rule 12-2005 dated December 14, 2005 (applicable to the date when the events under analysis occurred): Article 1; Article 4(1)(f), (h), (i), (2), and (6). - Rule 10-2015 dated July 27, 2015, and its amendments: Article 9; Article 14(1), (3), (4), (5), and (6); Article 18; Article 21(1), (2), (3), and (5); Article 29(1), (2), (3), (4), and (5), due to an administrative complaint. |
| 2022 | BAC INTERNATIONAL BANK, INC. | 40,500.00 | For breaching AML/CFT regulations. - Rule 12-2005 dated December 14, 2005 (applicable to the date when the events under analysis occurred): Article 1; Article 4 1(1)(f), (h), (i), (2), and (6). - Rule 10-2015 of 2015 and its amendments: Article 9; Article 14(1), (3), (4), (5), and (6); Article 18; Article 21(1), (2), (3), and (5); Article 29(1), (2), (3), (4), and (5) due to an administrative complaint. |
| 13,500.00 | For breaching banking regulations, specifically: Article 112, Article 114 of the Banking Law; as well as Article 4, Article 11 of Rule 7-2003 due to an administrative complaint. | ||
| 2022 | BANCO GENERAL, S.A. | 20,000.00 | For breaching AML/CFT regulations (Rule 10-2015, amended by Rule 1-2017, Article 15(7)) due to an administrative complaint. |
| 2022 | BANCO LAFISE (PANAMÁ), S.A. | 164,000.00 | For breaching AML/CFT regulations. - Comprehensive examination conducted from August 27 to October 2, 2015 (cut-off date: June 30, 2015). - Comprehensive examination conducted from August 16 to September 28, 2016 (cut-off date: June 30, 2016). |
| 100,000.00 | For breaching banking regulations. - Comprehensive examination from August 24 to October 9, 2015 (operational risk); and from August 24 to November 20, 2015 (banking law). - Comprehensive examination conducted from August 16 to September 28, 2016, (cut-off date: 30 June 2016). |
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| 2022 | BANESCO (PANAMÁ), S.A. | 288,000.00 | For breaching AML/CFT regulations. - Comprehensive/Special examination conducted from July 25 to August 21, 2019 (cut-off date: July 31, 2019). |
| 162,000.00 | For breaching banking regulations. - Comprehensive/Special examination conducted from July 25 to August 21, 2019 (cut-off date: July 31, 2019). |
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| 2022 | MMG TRUST, S.A. | 25,000.00 | For breaching AML/CFT regulations. - Comprehensive examination conducted from March 19 to April 15, 2015 (cut-off date: December 31, 2014). - Follow-up examination conducted from May 30 to June 17, 2016. - Special examination conducted from April 28 to June 8, 2016 (cut-off date: March 31, 2016). |
| 2022 | ILH TRUST (PANAMÁ), INC. (antes OWA TRUST (PANAMÁ), CORP.) | 25,000.00 | For breaching AML/CFT regulations. - Comprehensive examination conducted from October 26 to November 20, 2015 (cut-off date: September 30, 2015). |
| 2022 | ATLAS BANK (PANAMÁ), S.A. | 50,000.00 | For breaching banking regulations. - Comprehensive examination conducted from July 16 to October 5, 2018 (Article 48(1) of the Banking Law; Article 9(c) and (h) of Rule 3-2001 of 2001, amended by Rule 2-2006). |
| 2022 | GALA TRUST AND MANAGEMENT SERVICES, INC. | 12,000.00 | For breaching AML/CFT regulations. - Follow-up examination conducted from October 16 to November 13, 2017 (cut-off date: September 31, 2017) (sic). |
| 2022 | BANCO PICHINCHA PANAMÁ, S.A. | 12,000.00 | For breaching banking regulations due to the late submission of the quarterly Economic Group and Related Parties Report (BAN03) for the quarter ending in December 2021, with a submission deadline of January 31, 2022. |
| 2022 | BAC INTERNATIONAL BANK, INC. | 10,000.00 | For breaching banking regulations, specifically of: - Article 111, Article 194(3) of Banking Rule. - Article 18 of Banking Rule 6-2011 dated December 6, 2022 (sic), amended by Article 2 of Rule 9-2014 dated September 23, 2014. - Article 2 of Banking Rule 8-2005 dated September 21, 2005 due to an administrative complaint |
| 2022 | BANCO DELTA, S.A. | 25,000.00 | For breaching AML/CFT regulations, pertaining to findings from the Comprehensive Examination conducted from April 12 to May 7, 2021 (cut-off date: December 31, 2020). |
| 10,000.00 | For breaching banking regulations, pertaining to findings from the Comprehensive Examination conducted from April 12 to May 7, 2021 (cut-off date: December 31, 2020). | ||
| 2022 | FACTOR GLOBAL, INC. | 75,000.00 | For breaching AML/CFT regulations, pertaining to findings from the Comprehensive Examination conducted from August 2 to September 6, 2017 (cut-off date: June 30, 2017). |
| 2022 | GLOBAL BANK CORPORATION | 50,000.00 | For breaching AML/CFT regulations, pertaining to findings from the Comprehensive Examination conducted from Juy 10 to December 7, 2017. |
| 175,000.00 | For breaching banking regulations: - Findings from the Special Examination conducted from July 10 to August 18, 2017. - Findings from the Comprehensive Examination conduced from July 20 to December 7, 2017 (cut-off date: June 30, 2017). - Findings from the Comprehensive Examination conducted from July 10 to November 24, 2017 (cut-off date: June 30, 2017). |
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Enforcement – Information updated through July 9, 2023
Enforcement – Information updated through July 9, 2023
As provided for in (a) Article 189 of the Banking Law, which establishes, “The Superintendent is authorized to publish the sanctions imposed in accordance with the provisions of this Decree Law;” (b) Article 77 of Law 21 of 2017, which establishes the rules for the regulation and supervision of Trustees and the trust business and stipulates that “The Superintendent of Banks may inform the public of the fine imposed, either in hardcopy or electronically;” and (c) Article 20(5) of Law 23 of 2015, amended by Law 21 of 2017, that provides “[…] The sanctions imposed hereby will be published on the website of each supervisory entity, stating the name of the sanctioned entity, the type of sanction, and its amount, if the sanction is pecuniary.” Below you will find the pecuniary sanctions of over B/.5,000.00 imposed by the Superintendency in accordance with the Banking Law, Trust Law, and AML/CFT/WMD Law.
The sanctions listed below pertain to concluded processes, the resolutions of which are being administratively enforced. It should be noted that the imposed sanctions result from non-compliance or administrative breaches, and they serve the purpose of corrective actions and the enhancement of the Panamanian banking and trust system. The publication of these sanctions does not indicate a negative view of the supervised entity.