As part of its commitment to strengthening the regulatory framework and ensuring the effective implementation of Rule No. 1-2026 on the Prevention of the Misuse of Banking and Fiduciary Services, the Superintendency of Banks of Panama (SBP) conducted a training session for representatives of banking institutions.
The session was designed to provide technical guidance on the scope and key amendments introduced under the new regulation, whose entry into force marks an important milestone in the modernization of Panama’s banking regulatory framework. The training was intended for compliance officers, business line executives, and personnel responsible for customer information updates, as these functions are directly related to the obligations established under the Rule and to the ongoing relationship between banking institutions and their customers.
During the opening session, SBP General Secretary Kuldip Singh highlighted that Rule No. 1-2026 represents a significant step forward in modernizing the regulatory framework by incorporating a risk-based approach that strengthens the mechanisms for the prevention of money laundering, terrorist financing, and the financing of the proliferation of weapons of mass destruction (AML/CFT/CPF).
He also noted that the Rule is the result of an extensive collaborative process between the SBP and the banking sector, carried out through a technical dialogue that made it possible to develop a modern, balanced regulatory framework aligned with both the operational realities of supervised institutions and international standards.
Among the Rule’s key enhancements are the strengthening of customer and beneficial owner due diligence processes; the incorporation of risk classification and segmentation methodologies; the application of differentiated customer due diligence measures; the enhancement of transaction monitoring mechanisms; and the reinforcement of corporate governance structures to support more robust compliance risk management.
The training session also addressed the challenges arising from the digital transformation of the financial system, emphasizing the need to strike an appropriate balance between innovation and effective controls to ensure the sound management of risks associated with emerging financial channels and services.
Through this initiative, the SBP strengthens the technical capabilities of the banking sector to support the effective implementation of Rule No. 1-2026 and reaffirms its commitment to assisting supervised institutions through training, dialogue, and cooperation. These efforts contribute to the consistent implementation of the regulatory framework, reinforce the transparency and integrity of the financial system, and further strengthen the stability and competitiveness of Panama’s International Banking Center.
