For the Superintendency of Banks of Panama (SBP) is of vital importance to promote the modernization of the domestic financial system, with new technological businesses that allow financial inclusion, within a fit and flexible regulatory framework and that seeks to place easy, friendly, and secure financial solutions within the underserved public’s reach, thus allowing responsible innovation.
Article 22 (1)(g) of Law 23 dated 27 April 2015 establishes that the Superintendency has the authority to supervise payment means and electronic money issuers in matters related to anti-money laundering, terrorism financing, and financing of the proliferation of weapons of mass destruction (AML/CFT/WMD), To date, four companies have been registered whose activities are linked to payment means or electronic money, among them we can mention: Fortesza, Mftec S.A., Wally Pay, Inc., and Fectivo-Tech, S.A., which, recognizing that their services are part of the activities regulated by the Superintendency of Banks by virtue of the provisions of Law 23 of 2015, they made the corresponding liaisons with this regulatory body, which is why the activities conducted by them have been registered as payment means or electronic money issuers.
The banking regulator assesses the business models of companies interested in establishing themselves in the country, whose activities could be subject to the AML/CFT/WMD regime. The foregoing, with total independence from any other authorizations, licenses, registrations that must be
managed with other entities to start their operations in the Panamanian market.
With a view of making our financial system increasingly competitive in terms of technological financial services, and to maintain its stability, we urge all companies whose activities are linked to payment means or electronic money, who wish to start operations in our country, to contact the Superintendency of Banks of Panama so that we can know and assess their business model, and once it has been determined whether the activity carried out falls within the provisions set in Law 23 of 2015, to obtain a registration as a Financial Reporting Entity in matters related to AML/CFT/WMD with this regulatory entity.
