[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-108185-en":3,"doc-seo-108185-105":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},108185,549758146520,"Patrick","https://ap-avatar.wpscdn.com/avatar/80002397d8c0411e94?_k=1775819394049821470",8,"Research & Report","Panama - Financial Sector Assessment Program Technical Note - Anti-money Laundering and Combating the Financing of Terrorism (AML/CFT)","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.","Pub lic Disc losure Authorized  \nPANAMA  \nFINANCIAL SECTOR ASSESSMENT PROGRAM  \nTECHNICAL NOTE  \nANTI-MONEY LAUNDERING AND COMBATING THE FINANCING OF TERRORISM (AML/CFT)  \nPrepared By  \nMonetary and Capital Markets Department, and Finance, Competitiveness, and Innovation Global Practice, World Bank Group  \nThis 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).  \nCONTENTS  \nGlossary ................................................................................................................................................................................. 3  \nINTRODUCTION .............................................................................................................................9  \nCONTEXT....................................................................................................................................... 10  \nA. The Road to Compliance with International Standards ........................................................................ 10  \nB. Panama’s Corporate Sector: An Evolving Landscape ............................................................................. 12  \nC. Money Laundering Risks in the Corporate Sector .................................................................................. 15  \nBENEFICIAL OWNERSHIP REGISTRY........................................................................................... 16  \nA. Legal Framework: A System Centered Around the Resident Agent................................................. 16  \nB. Onboarding: From Slow Start to Rapid Expansion.................................................................................. 19  \nC. Verification and Enforcement Mechanisms: Ongoing Implementation ......................................... 23  \nD. Access: A Private Registry with Timely albeit Restricted Access........................................................ 26  \nSUPERVISION OF RESIDENT AGENTS.........................................................................................29  \nA. New Obligations on Resident Agents .......................................................................................................... 29  \nB. Enhanced Controls over Nominee Services ............................................................................................... 32  \nC. Supervision: Implementing and Fine-tuning a Risk-Based Approach............................................. 34  \nD. Bearer Shares: Contained but not Abolished............................................................................................ 37  \nFINTECH AND VIRTUAL ASSETS .................................................................................................38  \nBibliography ..................................................................................................................................................................... 41  \nGlossary  \nAML/CFT  \nCDD  \nCNA  \nCNBC  \nDBF  \nDS  \nDGI  \nDNFBPs  \nFAQ  \nFATF  \nFSAP  \nFSRB  \nGAFILAT  \nICRG  \nIMF  \nISNF  \nIos  \nMICI  \nMEF  \nMP  \nML  \nRPP  \nSBP  \nSSNF  \nTF  \nTN  \nUAF  \nUSD  \nVA  \nVASP  \nWB  \nZLT  \nAnti-Money Laundering / Combating the Financing of Terrorism Customer Due Diligence  \nColegio Nacional de Abogados (Lawyers’ Association)  \nComisión Nacional contra el Blanqueo de Capitales (National AML Commission Dirección de Beneficiario Final (Directorate of Final Beneficiary)  \nDirección de S","cbCaiox88KkAmNTy","https://ap.wps.com/l/cbCaiox88KkAmNTy","pdf",576273,4,1,41,"English","en",105,"# Introduction\n## Context\n## The Road to Compliance with International Standards\n## Panama’s Corporate Sector: An Evolving Landscape\n## Money Laundering Risks in the Corporate Sector\n# Beneficial Ownership Registry\n## Legal Framework: A System Centered Around the Resident Agent\n## Onboarding: From Slow Start to Rapid Expansion\n## Verification and Enforcement Mechanisms: Ongoing Implementation\n## Access: A Private Registry with Timely albeit Restricted Access\n# Supervision of Resident Agents\n## New Obligations on Resident Agents\n## Enhanced Controls over Nominee Services\n## Supervision: Implementing and Fine-tuning a Risk-Based Approach\n## Bearer Shares: Contained but not Abolished\n# Fintech and Virtual Assets\n# Executive Summary","[{\"question\":\"What is the document’s focus regarding AML/CFT in Panama?\",\"answer\":\"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.\"},{\"question\":\"How does the beneficial ownership registry operate, and what are its key components?\",\"answer\":\"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.\"},{\"question\":\"What supervision measures are described for resident agents and nominee services?\",\"answer\":\"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.\"}]",1784469365,103,{"code":4,"msg":31,"data":32},"ok",{"site_id":25,"language":24,"slug":33,"title":13,"keywords":34,"description":14,"schema_data":35,"social_meta":86,"head_meta":88,"extra_data":90,"updated_unix":28},"panama-financial-sector-assessment-program-technical-note-anti-money-laundering-and-combating-the-financing-of-terrorism-amlcft","",{"@graph":36,"@context":85},[37,53,68],{"@type":38,"itemListElement":39},"BreadcrumbList",[40,44,48,51],{"item":41,"name":42,"@type":43,"position":21},"https://docshare.wps.com","Home","ListItem",{"item":45,"name":46,"@type":43,"position":47},"https://docshare.wps.com/document/","Document",2,{"item":49,"name":12,"@type":43,"position":50},"https://docshare.wps.com/document/research-report/",3,{"item":52,"name":13,"@type":43,"position":20},"https://docshare.wps.com/document/panama-financial-sector-assessment-program-technical-note-anti-money-laundering-and-combating-the-financing-of-terrorism-amlcft/108185/",{"url":52,"name":13,"@type":54,"author":55,"headline":13,"publisher":57,"fileFormat":60,"inLanguage":24,"description":14,"dateModified":61,"datePublished":62,"encodingFormat":60,"isAccessibleForFree":63,"interactionStatistic":64},"DigitalDocument",{"name":9,"@type":56},"Person",{"url":41,"name":58,"@type":59},"DocShare","Organization","application/pdf","2026-07-29","2026-07-19",true,{"@type":65,"interactionType":66,"userInteractionCount":20},"InteractionCounter",{"@type":67},"ViewAction",{"@type":69,"mainEntity":70},"FAQPage",[71,77,81],{"name":72,"@type":73,"acceptedAnswer":74},"What 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