Banks must identify the beneficial owners of companies

Superintendency of Banks of Panama granted one year for the banks operating in the country to determine the ultimate beneficiaries in corporations who open accounts in their institutions.

Information was published in the second half of the day in the Official Gazette 27681.

According to the text agreed standard ", the bank must establish the final beneficiary or to identify the true owner of the legal entity. In the case of corporations, banks have to request documents evidencing the name of an individual identified as the ultimate beneficiary and the certificate of the shareholders of the corporation."

In cases where a corporation with bearer shares, banks will require immobilization of shares through the bank itself or depositary approved by the bank or banks will be require oath declaration data of the final beneficiaries.

For accounts opened prior to the reform, the Superintendency of Banks provides a year to bring the documents according to the norm.

For new customers, it is obligatory from this day.