Panama - Financial Sector Assessment Program Technical Note - Anti-money Laundering and Combating the Financing of Terrorism (AML/CFT)

Jul 19, 2026

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Panama - Financial Sector Assessment Program Technical Note analyzes the country’s anti-money laundering and combating the financing of terrorism (AML/CFT) regime against international standards. It explains the path to compliance, the evolving corporate sector, and the specific money laundering risks addressed. The note details the beneficial ownership registry design, including legal framework, onboarding, verification and enforcement, and access conditions, and reviews supervision of resident agents, nominee services, risk-based approaches, and bearer shares. It also covers fintech and virtual assets.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages41

Reading Time1 h 43 min

Introduction

Context

The Road to Compliance with International Standards

Panama’s Corporate Sector: An Evolving Landscape

Money Laundering Risks in the Corporate Sector

Beneficial Ownership Registry

Legal Framework: A System Centered Around the Resident Agent

Onboarding: From Slow Start to Rapid Expansion

Verification and Enforcement Mechanisms: Ongoing Implementation

Access: A Private Registry with Timely albeit Restricted Access

Supervision of Resident Agents

New Obligations on Resident Agents

Enhanced Controls over Nominee Services

Supervision: Implementing and Fine-tuning a Risk-Based Approach

Bearer Shares: Contained but not Abolished

Fintech and Virtual Assets

Executive Summary

Pub lic Disc losure Authorized PANAMA FINANCIAL SECTOR ASSESSMENT PROGRAM TECHNICAL NOTE ANTI-MONEY LAUNDERING AND COMBATING THE FINANCING OF TERRORISM (AML/CFT) Prepared By Monetary and Capital Markets Department, and Finance, Competitiveness, and Innovation Global Practice, World Bank Group This Technical Note was prepared by IMF and WB staff in the context of the Financial Sector Assessment Program in Country, led by Richard Stobo, IMF and Emile van der Does de Willebois, World Bank, and overseen by the Monetary and Capital Markets Department, IMF, and the Finance, Competitiveness, and Innovation Global Practice, World Bank Group. It contains technical analysis and detailed information underpinning the FSAP’s findings and recommendations. Further information on the FSAP program can be found at [http://www.imf.org/external/np/fsap/fssa.aspx](http://www.imf.org/external/np/fsap/fssa.aspx), and [www.worldbank.org/fsap](www.worldbank.org/fsap). CONTENTS Glossary ................................................................................................................................................................................. 3 INTRODUCTION .............................................................................................................................9 CONTEXT....................................................................................................................................... 10 A. The Road to Compliance with International Standards ........................................................................ 10 B. Panama’s Corporate Sector: An Evolving Landscape ............................................................................. 12 C. Money Laundering Risks in the Corporate Sector .................................................................................. 15 BENEFICIAL OWNERSHIP REGISTRY........................................................................................... 16 A. Legal Framework: A System Centered Around the Resident Agent................................................. 16 B. Onboarding: From Slow Start to Rapid Expansion.................................................................................. 19 C. Verification and Enforcement Mechanisms: Ongoing Implementation ......................................... 23 D. Access: A Private Registry with Timely albeit Restricted Access........................................................ 26 SUPERVISION OF RESIDENT AGENTS.........................................................................................29 A. New Obligations on Resident Agents .......................................................................................................... 29 B. Enhanced Controls over Nominee Services ............................................................................................... 32 C. Supervision: Implementing and Fine-tuning a Risk-Based Approach............................................. 34 D. Bearer Shares: Contained but not Abolished............................................................................................ 37 FINTECH AND VIRTUAL ASSETS .................................................................................................38 Bibliography ..................................................................................................................................................................... 41 Glossary AML/CFT CDD CNA CNBC DBF DS DGI DNFBPs FAQ FATF FSAP FSRB GAFILAT ICRG IMF ISNF Ios MICI MEF MP ML RPP SBP SSNF TF TN UAF USD VA VASP WB ZLT Anti-Money Laundering / Combating the Financing of Terrorism Customer Due Diligence Colegio Nacional de Abogados (Lawyers’ Association) Comisión Nacional contra el Blanqueo de Capitales (National AML Commission Dirección de Beneficiario Final (Directorate of Final Beneficiary) Dirección de S

FAQs

What is the document’s focus regarding AML/CFT in Panama?

The document examines Panama’s AML/CFT regime in the context of international standards, including gaps identified through mutual evaluation and subsequent efforts toward compliance.

How does the beneficial ownership registry operate, and what are its key components?

It is structured around a legal framework centered on the resident agent, with onboarding steps, ongoing verification and enforcement mechanisms, and restricted but timely access provisions.

What supervision measures are described for resident agents and nominee services?

The note outlines new obligations, enhanced controls over nominee services, and how supervisors implement and fine-tune a risk-based approach, including treatment of bearer shares.

Jul 19, 2026

Upload by Patrick