Nice Live Inn Panama » Bank Account Requirements in Panama http://niceliveinnpanama.com Pro Mundi Beneficio (for the benefit of the world) Thu, 19 May 2011 00:33:44 +0000 en hourly 1 http://wordpress.org/?v=3.2.1 Bank Account Requirements in Panama http://niceliveinnpanama.com/2009/07/bank-account-requirements-in-panama/ http://niceliveinnpanama.com/2009/07/bank-account-requirements-in-panama/#comments Mon, 27 Jul 2009 09:06:41 +0000 gfmstudio http://niceliveinnpanama.com/?p=113 Foreigners are subject to “Know-Your-Customer” (KYC) requirements when opening an account with a bank in Panama. Subject to changes according to internal procedures of each bank, applicants must appear in the person at the bank for a personal interview and provide :

  1. 2 Letters of Reference from 2 other banking institutions, authenticated with Apostille or by Panama Consul, addressed to the bank in Panama,
  2. Copy of the passport and another picture identification (providing the original documents for
    verification)
  3. Tax return or other document which will help the bank identify the income range of the applicant
    and compare it with the movement of account.

The Panama Superintendent of Banks has a website http://www.superbancos.gob.pa where all institutions licensed to provide banking services are listed. Institutions which do not appear in this listing act in violation of local laws and depositors risk losing their deposits.

In addition, Panama banks owned by investors holding publicly-traded shares, disclose their financial statements and relevant events to the Panama Stock Exchange http://www.panabolsa.com, which helps to gauge their financial solvency.

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