More than 100 money laundering inspections ordered in 2015-16

Banks and other financial entities were fined more than $3 million for violations between 2015 and 2016.

The Superintendency of Banks of Panama carried out 106 inspections of financial institutions between the beginning of 2015 and May 2016.

Most of the processes were at banks. In 2015, 54 inspections were carried out between on-site and special inspections, while in the first five months of 2016 the regulator made 24 inspections.

This is stated in the "National Assessment of the Risk of Money Laundering and Financing of Terrorism in Panama," a document presented Tuesday that was commissioned by the National Commission against Money Laundering and Terrorism Financing.

Other entities that were inspected were investment firms and other financial entities.

These processes were carried out following the entry into force of the new legal framework for the prevention of money laundering and financing of terrorism.

As a result, the regulator imposed monetary sanctions for violations or omissions of anti-money laundering regulations against 20 entities for a total of $3.2 million.

The entities fined included Banco Universal, Caja de Ahorros, Banesco, Unibank, Global Bank, Banco Ficohsa, Banco Azteca Panamá and Austrobank Overseas Panamá.

Edición Impresa