[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-108662-en":3,"doc-seo-108662-105":30,"detail-sidebar-cat-0-en-105":91},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":20,"is_deleted":4,"is_public":21,"is_downloadable":21,"audit_status":21,"page_count":22,"language":23,"language_code":24,"site_id":25,"html_lang":24,"table_of_contents":26,"faqs":27,"seo_title":13,"seo_description":14,"update_tm":28,"read_time":29},108662,7971461740909,"Levi","https://ap-avatar.wpscdn.com/davatar_155a257f0dc6eb9ab79c44ca47cae57d",8,"Research & Report","Panama Financial Sector Assessment - November 2023","Panama Financial Sector Assessment summarizes the findings of an IMF-World Bank mission conducted in 2023 under the Financial Sector Assessment Program (FSAP). The report identifies key vulnerabilities across the financial sector and links them to broader macrofinancial conditions, including the structure of the financial system and financial access and inclusion. It also presents risk and vulnerability analysis, including systemic risks, clearing and settlement-related risks, and climate risk assessment, followed by policy recommendations for strengthening resilience.","Public Disclosure Authorized Public Disclosure Authorized  \nFOR OFFICIAL USE ONLY  \nPANAMA  \nFINANCIAL SECTOR ASSESSMENT  \nNovember 2023  \nPrepared By  \nFinance, Competitiveness, and Innovation Global Practice and  \nLatin America and Caribbean Regional Vice Presidency  \nA joint IMF-World Bank mission visited Panama during January 17 and February 6 as well as during May 24 to June 6, 2023, to conduct an assessment under the Financial Sector Assessment Program (FSAP) .1 This report summarizes the main findings of the mission, identifies key financial sector vulnerabilities, and provides policy recommendations.  \n1 The team was led by Richard Stobo (IMF) and Emile Van Der Does De Willebois (WB), and included Marco Gross (IMF Deputy Mission Chief), Oliver Masetti (WB Deputy Mission Chief), Majid Bazarbash, Zhuohui Chen, Romina Kazandjian, Pavel Lukyantsau, Francisco Figueroa, Julian Chow, and Wim Fonteyne (all IMF); Keith Ligon and Chris Wilson (IMF experts); Yasmin De Magalhaes Pinto Almeida, Oya Pinar Ardic Alper, Nepomuk Dunz, Karol Karpinski (all WB) and Alan Ball (WB external expert) .  \nGlossary  \nAML/CFT Anti-Money Laundering / Combating the Financing of Terrorism  \nBCP Basel Core Principles for Effective Banking Supervision, 2012  \nBNP Banco Nacional de Panamá (National Bank of Panama)  \nCAR Capital Adequacy Ratio  \nCCB Capital Conservation Buffer  \nCCF Consejo de Coordinación Financiera (Financial Coordination Council) CCRIF Caribbean Catastrophe Risk Insurance Facility  \nDAR Detailed Assessment Report  \nDFS Digital Financial Services  \nDGI Dirección General de Ingresos (Tax Authority) DIS Deposit Insurance Scheme  \nDSTI Debt-service-to-income  \nDTI Debt-to-income  \nD-SIB Domestic Systemically Important Banks  \nDRF Disaster Risk Financing  \nELA Emergency Liquidity Assistance  \nEMDE Emerging Market and Developing Economy  \nFATF Financial Action Task Force  \nFSAP Financial Sector Assessment Program  \nFSI Financial Soundness Indicators  \nFSSA Financial System Stability Assessment  \nFV Fair Value  \nGAFILAT Financial Action Task Force of Latin America  \nGHG Green-House Gas  \nGL General License  \nHQLA High Quality Liquid Assets  \nHTM Held-to-Maturity  \nICAAP Internal Capital Adequacy Assessment Process  \nICRG International Co-operation Review Group  \nIL International License  \nIMF International Monetary Fund  \nIRB Internal Ratings-Based  \nIRRBB Interest Rate Risk in the Banking Book  \nKA FSB Key Attributes of Effective Resolution Regimes for Financial Institutions  \nKPI  \nLAC  \nLCR  \nLOLR  \nLTV  \nMiAmbiente  \nMICI  \nMEF  \nMP  \nMSMEs  \nNDC  \nNBFI  \nNII  \nNPL  \nNSFR  \nOFC  \nPF  \nRAM  \nRPP  \nROA  \nROE  \nRTGS  \nRUBF  \nRWA  \nSBP  \nSMV  \nSSRP  \nSSNF  \nTA  \nTF  \nTN  \nVA  \nVASP  \nWB  \nWEO  \nKey Performance Indicators Latin American and the Caribbean Liquidity Coverage Ratio  \nLender of Last Resort Loan-to-value  \nMinisterio de Ambiente (Ministry of Environment)  \nMinisterio de Industria y Comercio (Ministry of Industry and Commerce)  \nMinisterio de Economia y Finanzas (Ministry of Economy and Finance)  \nMinisterio Publico (Prosecutors Office) Micro, Small and Medium-size Enterprises National Determined Contributions Non-bank Financial Intermediary  \nNet Interest Income Non-performing Loan Net Stable Funding Ratio Offshore Financial Center Proliferation Financing Risk Assessment Matrix  \nRegistro Publico de Panamá (Public Registry Office) Return on Assets  \nReturn on Equity  \nReal-Time Gross Settlement  \nRegistro Único de Beneficiarios Finales (Beneficial Ownership Registry) Risk-Weighted Asset  \nSuperintendencia de Bancos de Panamá (Superintendency of Banks)  \nSuperintendencia del Mercado de Valores de Panamá (National Securities Commission) Superintendencia de Seguros y Reaseguros de Panamá (Superintendency of Insurance and Reinsurance)  \nSuperintendencia de Sujetos No Financieros (Superintendency of Non-Financial Entities) Technical Assistance  \nTerrorism Financing Technical Note Virtual Assets  \nVirtual Assets Service Providers  \nWo","cbCaiknlMXe5pndD","https://ap.wps.com/l/cbCaiknlMXe5pndD","pdf",2314303,3,1,45,"English","en",105,"# Glossary\n# Preface\n# Executive Summary\n# Macrofinancial Context\n## Macrofinancial Environment\n## Financial System Structure\n## Financial Access and Inclusion\n# Risks and Vulnerabilities\n## Systemic Risk Analysis\n## Risks from Clearing and Settlement\n## Climate Risk Analysis","[{\"question\":\"What is the purpose of the FSAP mission in Panama described in the report?\",\"answer\":\"The mission assesses Panama under the Financial Sector Assessment Program (FSAP), summarizing key findings, identifying financial sector vulnerabilities, and providing policy 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