Saturday, January 22, 2022


 We have noticed that the closed Panamanian brokerage house PANAMA WALL STREET  has polluted the Internet with entries designed to keep investors from learning precisely why the company was shut down. Here is the information from an official source.

Panama: Forced Liquidation of Brokerage Firm

Citing several irregularities during the intervention process, the Securities regulator decided to order the liquidation of the brokerage firm Panama Wall Street.

Friday, June 10, 2016

From this moment forward, investors and creditors of Panama Wall Street S.A. must present themselves at the company's premises to declare the amounts owed to them and start due process with the authorities who will lead the settlement process.

In the resolution, the decision to liquidate the company was based on the following conclusions:

"... 1. The Brokerage Firm is a repeat offender in terms of not having processes in place to
provide internal controls which impacts the entire organization: operations, accounting, technology, customer management, prevention of AML / CFT, management of administrative files and client files. Therefore it is exposed to imminent risk of an imbalance in the records of customer accounts, either in cash or in securities positions, as we have outlined in the report.
2. It does not have the human capital with experience which is required in the face of its high staff turnover.
3. The lack of a robust internal control system, impacts the weak due diligence with which customers are attended to.
4. Management of client accounts under complex corporate structures.
5. Unusual corporate practices in relation to advanced distribution of dividends.
6. The Brokerage Firm has no manuals, backup processes, separate on site custody, vulnerability testing and is has what is called "human error risk" in the management of the area of technology, which exposed customers to an imminent risk of information leakage, deterioration or what we have found to be deficiencies in systems, lack of knowledge of some areas, there is no roadmap for migration from one system to another to act as a backup that can be sustained and is auditable. "

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