(1) St. George Bank and Company Inc.*
(2) Banco Azteca (Panama) SA
(3) Austrobank Overseas (Panama) SA
(4) Banesco SA
(5) Unibank SA
Here are the details of the fines imposed, and the reasons therefor:
Panama observers caution that these fines were not accompanied by the imposition of any meaningful supervision of the named banks, and that, in Panama, fines are often regarded as the cost of doing business. Do not expect that any reforms, or changes in the operating procedures of the named banks, will occur, and compliance officers in North America, and the EU, would be well advised to take a close look at any transactions which these named banks might have had with your financial institution, or are pending.
* Readers please note that SBP records also show a St Georges Bank, and there is confusion over the similar names; is this the same, or another licensed bank ? The records do not so indicate.