Kenneth Rijock

Kenneth Rijock

Monday, April 2, 2018


In the past, we have noted that certain banking regulatory agencies of the United States have delayed publishing notices of civil fines and penalties relating to money laundering deficiencies, especially the OCC. The Republic of Panama seems to have the same problem.

Panama's regulator, the Panamanian Superintendency of Banking, or SBP, has just now published details of prior fines it has previously imposed, totaling $658,000, on its banking website. here are the banks named. together with the fines imposed:

(1) Banco Nacional de Panama:   $128,000  ( $106,000 for AML/CFT violations, $21,000 for violations of banking regulations).
(2) Multibank: $400,000 ($300,000 for violations of money laundering regulations, $100,000 for violations of banking regulations).
(3) Banvienda:   $130,000 ( $ 40,000 for violations of banking regulations, $90,000 for violation of money laundering regulations).

The last time SBP published fines was in 2016: named were Global Bank, Banco Universal, St George Bank, Unibank, Banco Ficohosa, Banesco and the Savings bank.

Compliance officers are always at a disadvantage when regulators delay publishing notices of AML fines, because the officers might have broken off relationships with banks named & shamed.  Readers who wish to review the information on the official SBP website can find it here.

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