The Superintendency of Banks of Panama (SBP) approved Rule No. 8-2026 and Rule No. 9-2026 to strengthen banking customer protection, promote greater transparency in financial services, and reinforce controls applicable to transactions conducted through electronic channels.
Rule No. 8-2026, dated September 22, 2026, establishes new guidelines for verifying electronic funds transfers within Panama. The regulation requires banks to implement mechanisms to verify that beneficiary details match the information recorded by banking institutions before executing a transfer.
The regulation also provides for customers to verify key transaction details in advance, including the name of the account holder receiving the funds, the beneficiary bank, and the transaction amount. It also introduces measures to flag potential discrepancies that could lead to errors or fraudulent activity.
Rule No. 9-2026, also dated September 22, 2026, amends Rule No. 6-2026 by extending its effective date to March 31, 2027. This extension gives banking institutions additional time to adapt their processes, systems, and procedures to the new regulatory requirements.
In addition, the Rule includes an illustrative amortization schedule template to serve as a reference for implementing requirements concerning the information banking institutions must provide to customers in connection with credit transactions.
These measures form part of the SBP’s ongoing efforts to strengthen the banking regulatory framework and promote transparency, security, and confidence in Panama’s financial system.
To access the full text of both Rules, visit the Regulations section of the SBP website at www.superbancos.gob.pa.
