{
 "jurisdiction_id": "PA",
 "jurisdiction": "Panama",
 "url": "https://payments.gi/jurisdictions/panama/",
 "generator": "render_jid v13.3.0",
 "date_modified": "2026-08-11",
 "schema_version": "world-payments-v1",
 "counts": {
  "modules": 14,
  "sourced_findings": 61,
  "source_register": 158
 },
 "modules": [
  {
   "code": "W1a",
   "name": "Licensing, Authorisation & Market Access",
   "confidence": "High",
   "moved_this_cycle": true,
   "url": "https://payments.gi/jurisdictions/panama/#w1a-licensing-authorisation-market-access",
   "standing_position": "Pennsylvania's Money Transmitter Act now covers virtual-currency transmission under Act 7 of 2025 (effective 2025-08-26), with the superseded 2024 VC statement of policy formally rescinded.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "Registration list / AML supervisory notice",
     "source": "https://www.superbancos.gob.pa/en/authorizations/means-payment",
     "source_url": "https://www.superbancos.gob.pa/en/authorizations/means-payment",
     "source_tier": "1",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "Banking Law / Law 23 of 2015",
     "source": "https://www.lexology.com/library/detail.aspx?g=3f2a65c9-efa5-4b1d-ad1b-dd721ca9be10",
     "source_url": "https://globallawexperts.com/panama-fintech-law-2026-draft-law-no-314-sbp-rule-1-2026-licensing-aml-and-bank-access/",
     "source_tier": "2",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "Anteproyecto de Ley No. 314 (draft)",
     "source": "https://globallawexperts.com/panama-fintech-law-2026-draft-law-no-314-sbp-rule-1-2026-licensing-aml-and-bank-access/",
     "source_url": "https://globallawexperts.com/panama-fintech-law-2026-draft-law-no-314-sbp-rule-1-2026-licensing-aml-and-bank-access/",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "Banking Law (license classes)",
     "source": "https://en.wikipedia.org/wiki/Banking_in_Panama",
     "source_url": "https://globallawexperts.com/panama-fintech-law-2026-draft-law-no-314-sbp-rule-1-2026-licensing-aml-and-bank-access/",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "World Bank FSAP Technical Note",
     "source": "https://documents1.worldbank.org/curated/en/099040424151021308/pdf/P179962143f93d0531a2901588726639e71.pdf",
     "source_url": "https://globallawexperts.com/panama-fintech-law-2026-draft-law-no-314-sbp-rule-1-2026-licensing-aml-and-bank-access/",
     "source_tier": "1",
     "retrieved_at": "2026-07-04"
    }
   ]
  },
  {
   "code": "W1b",
   "name": "Conduct, Safeguarding & Financial Promotions",
   "confidence": "Assessed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/panama/#w1b-conduct-safeguarding-financial-promotions",
   "standing_position": "Panama has no dedicated conduct-of-business or safeguarding regime for non-bank payment/e-money providers; consumer and conduct protection for banking relationships defaults to the SBP and ACODECO under general banking and consumer-protection law, with AML documentary/onboarding obligations tightened via SBP Rule 1-2026.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "SBP Rule 1-2026",
     "source": "https://www.superbancos.gob.pa/en/node/1652",
     "source_url": "https://www.superbancos.gob.pa/en/node/1652",
     "source_tier": "1",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "SBP Rule 1-2026 / Draft Law 314",
     "source": "https://globallawexperts.com/panama-fintech-law-2026-draft-law-no-314-sbp-rule-1-2026-licensing-aml-and-bank-access/",
     "source_url": "https://www.superbancos.gob.pa/en/sac/preguntas-frecuentes",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "Complaint-handling procedure",
     "source": "https://www.superbancos.gob.pa/en/sac/preguntas-frecuentes",
     "source_url": "https://www.superbancos.gob.pa/en/sac/preguntas-frecuentes",
     "source_tier": "1",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "Acuerdo No. 3-2026",
     "source": "https://www.infobae.com/panama/2026/06/24/panama-pone-orden-a-la-forma-de-evaluar-los-incumplimientos-bancarios/",
     "source_url": "https://www.superbancos.gob.pa/en/sac/preguntas-frecuentes",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    }
   ]
  },
  {
   "code": "W2",
   "name": "Stablecoins & Digital Money",
   "confidence": "Assessed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/panama/#w2-stablecoins-digital-money",
   "standing_position": "Panama has no comprehensive crypto/stablecoin law in force. A 2021-22 crypto bill (Bill 697) was partially vetoed by President Cortizo in June 2022 over AML concerns and was struck down as unconstitutional by the Supreme Court in July 2023, leaving digital assets in a legal grey area; a renewed Bill No. 247 (2025) is pending before the National Assembly.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "Bill No. 697 (vetoed)",
     "source": "https://www.coindesk.com/policy/2022/06/17/panamanian-president-partially-vetoes-crypto-regulation-legislation",
     "source_url": "https://www.coindesk.com/policy/2022/06/17/panamanian-president-partially-vetoes-crypto-regulation-legislation",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "Supreme Court ruling",
     "source": "https://sb-sb.com/services/crypto/crypto-license/latam/panama/",
     "source_url": "https://www.forbes.com/sites/digital-assets/2025/07/31/panama-crypto-law-aims-to-make-the-country-a-bitcoin-hub/",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "Bill No. 247 (draft, 2025)",
     "source": "https://www.forbes.com/sites/digital-assets/2025/07/31/panama-crypto-law-aims-to-make-the-country-a-bitcoin-hub/",
     "source_url": "https://www.forbes.com/sites/digital-assets/2025/07/31/panama-crypto-law-aims-to-make-the-country-a-bitcoin-hub/",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "Regulatory clarification (SBP/SMV)",
     "source": "https://www.lightspark.com/knowledge/is-crypto-legal-in-panama",
     "source_url": "https://www.forbes.com/sites/digital-assets/2025/07/31/panama-crypto-law-aims-to-make-the-country-a-bitcoin-hub/",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    }
   ]
  },
  {
   "code": "W3",
   "name": "Operational Resilience & Critical Infrastructure",
   "confidence": "Assessed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/panama/#w3-operational-resilience-critical-infrastructure",
   "standing_position": "Panama's operational-resilience framework for regulated financial entities rests on a set of pre-DORA SBP agreements covering outsourcing, electronic banking, and IT risk management, with cloud-service use outside Panama requiring prior SBP/SMV approval or notification; there is no consolidated cyber-resilience statute equivalent to DORA.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "Acuerdo 009-2005 / 006-2011 / 003-2012 / 005-2018",
     "source": "https://aws.amazon.com/financial-services/security-compliance/compliance-center/pa/",
     "source_url": "https://aws.amazon.com/financial-services/security-compliance/compliance-center/pa/",
     "source_tier": "2",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "Cloud outsourcing approval requirement",
     "source": "https://aws.amazon.com/financial-services/security-compliance/compliance-center/pa/",
     "source_url": "https://documents1.worldbank.org/curated/en/099613104102429031/pdf/SECBOS1af572a90621b72716e27781ecaec.pdf",
     "source_tier": "2",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "Acuerdo 11-2018 (operational risk)",
     "source": "https://emailmarketingpanama.com/en/email-banking-financial-services.html",
     "source_url": "https://documents1.worldbank.org/curated/en/099613104102429031/pdf/SECBOS1af572a90621b72716e27781ecaec.pdf",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "SBP/SMV cybersecurity expectations, Law 81",
     "source": "https://gladiium.com/cybersecurity-panama/",
     "source_url": "https://documents1.worldbank.org/curated/en/099613104102429031/pdf/SECBOS1af572a90621b72716e27781ecaec.pdf",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "World Bank FSAP settlement risk finding",
     "source": "https://documents1.worldbank.org/curated/en/099613104102429031/pdf/SECBOS1af572a90621b72716e27781ecaec.pdf",
     "source_url": "https://documents1.worldbank.org/curated/en/099613104102429031/pdf/SECBOS1af572a90621b72716e27781ecaec.pdf",
     "source_tier": "1",
     "retrieved_at": "2026-07-04"
    }
   ]
  },
  {
   "code": "W4",
   "name": "Scheme & Network Compliance",
   "confidence": "Assessed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/panama/#w4-scheme-network-compliance",
   "standing_position": "Card-scheme rails in Panama run through the domestic Telered/Clave debit network alongside Visa and Mastercard acceptance via bank-operated gateways; PCI DSS compliance is expected of payment gateways and processors but there is no bespoke Panamanian interchange-regulation or surcharging statute identified.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "Telered / Clave network",
     "source": "https://www.martesfinanciero.com/relieve/yappy-evoluciona-para-ser-una-plataforma-de-pagos-independiente/",
     "source_url": "https://www.martesfinanciero.com/relieve/yappy-evoluciona-para-ser-una-plataforma-de-pagos-independiente/",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "Scheme acceptance via bank gateways",
     "source": "https://jootser.com/pasarelas-de-pago-para-e-commerce-en-panama/",
     "source_url": "https://jootser.com/pasarelas-de-pago-para-e-commerce-en-panama/",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "PCI-DSS expectation",
     "source": "https://jootser.com/pasarelas-de-pago-para-e-commerce-en-panama/",
     "source_url": "https://jootser.com/pasarelas-de-pago-para-e-commerce-en-panama/",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "SBP-Visa financial education initiative",
     "source": "https://www.superbancos.gob.pa/",
     "source_url": "https://jootser.com/pasarelas-de-pago-para-e-commerce-en-panama/",
     "source_tier": "1",
     "retrieved_at": "2026-07-04"
    }
   ]
  },
  {
   "code": "W5",
   "name": "Payment Corridor Dynamics",
   "confidence": "Assessed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/panama/#w5-payment-corridor-dynamics",
   "standing_position": "Panama is a fully dollarized economy with no foreign-exchange controls, functioning as a regional trade-finance and correspondent hub; the dominant retail corridor is US-Panama remittances, while digital/mobile remittance fees remain persistently higher across Central America/Panama/Dominican Republic (CAPDR) than the global average despite a declining trend.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "Dollarization / no FX controls",
     "source": "https://globallawexperts.com/how-to-open-a-fintech-company/",
     "source_url": "https://www.superbancos.gob.pa/en/node/1687",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "IMF Working Paper on CAPDR remittance costs",
     "source": "https://www.elibrary.imf.org/view/journals/001/2022/238/article-A001-en.xml",
     "source_url": "https://www.elibrary.imf.org/view/journals/001/2022/238/article-A001-en.xml",
     "source_tier": "1",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "SBP International Banking Center deposit data",
     "source": "https://www.superbancos.gob.pa/en/node/1687",
     "source_url": "https://www.elibrary.imf.org/view/journals/001/2022/238/article-A001-en.xml",
     "source_tier": "1",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "Cross-border wallet interoperability (Zinli)",
     "source": "https://elcapitalfinanciero.com/nequi-y-yappy-se-disputan-clientes-bancarios-en-panama/",
     "source_url": "https://www.elibrary.imf.org/view/journals/001/2022/238/article-A001-en.xml",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    }
   ]
  },
  {
   "code": "W6",
   "name": "Industry Structure & Commercial Dynamics",
   "confidence": "Assessed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/panama/#w6-industry-structure-commercial-dynamics",
   "standing_position": "Panama's payments industry is dominated by an oversized International Banking Center of roughly 50-80 licensed banks, with domestic digital-wallet competition concentrated among a handful of bank-sponsored platforms (Yappy/Banco General, Nequi/Banistmo, Kuara/Global Bank-Banesco-MMG, Zinli/Banco Mercantil), rather than independent non-bank fintech challengers.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "Banking sector structure",
     "source": "https://www.centralamerica.com/investing/banking-in-panama/",
     "source_url": "https://www.centralamerica.com/investing/banking-in-panama/",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "Wallet market shares",
     "source": "https://elcapitalfinanciero.com/nequi-y-yappy-se-disputan-clientes-bancarios-en-panama/",
     "source_url": "https://elcapitalfinanciero.com/nequi-y-yappy-se-disputan-clientes-bancarios-en-panama/",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "Bank-sponsored wallet dominance",
     "source": "https://newsroompanama.com/2024/04/27/banco-general-yappy-makes-an-important-update/",
     "source_url": "https://elcapitalfinanciero.com/nequi-y-yappy-se-disputan-clientes-bancarios-en-panama/",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "Market exit of non-bank entrant",
     "source": "https://elcapitalfinanciero.com/nequi-y-yappy-se-disputan-clientes-bancarios-en-panama/",
     "source_url": "https://elcapitalfinanciero.com/nequi-y-yappy-se-disputan-clientes-bancarios-en-panama/",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "Banking Association structure",
     "source": "https://www.trade.gov/country-commercial-guides/panama-trade-financing",
     "source_url": "https://elcapitalfinanciero.com/nequi-y-yappy-se-disputan-clientes-bancarios-en-panama/",
     "source_tier": "2",
     "retrieved_at": "2026-07-04"
    }
   ]
  },
  {
   "code": "W7",
   "name": "Legal & Litigation",
   "confidence": "High",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/panama/#w7-legal-litigation",
   "standing_position": "The most consequential recent payments-adjacent litigation is the Supreme Court's 2023 nullification of the vetoed crypto law; on the supervisory-enforcement side, the SBP operates a public sanctions register for banking/trust/AML breaches and has just codified (Acuerdo 3-2026) a graduated sanctions methodology to replace prior ad hoc practice.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "Supreme Court ruling (2023)",
     "source": "https://sb-sb.com/services/crypto/crypto-license/latam/panama/",
     "source_url": "https://sb-sb.com/services/crypto/crypto-license/latam/panama/",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "Public sanctions register",
     "source": "https://www.superbancos.gob.pa/en/sanciones?field_year_sancion_value=All",
     "source_url": "https://www.infobae.com/panama/2026/06/24/panama-pone-orden-a-la-forma-de-evaluar-los-incumplimientos-bancarios/",
     "source_tier": "1",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "Acuerdo No. 3-2026",
     "source": "https://www.infobae.com/panama/2026/06/24/panama-pone-orden-a-la-forma-de-evaluar-los-incumplimientos-bancarios/",
     "source_url": "https://www.infobae.com/panama/2026/06/24/panama-pone-orden-a-la-forma-de-evaluar-los-incumplimientos-bancarios/",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "Historical regulator-vs-competition-agency litigation",
     "source": "https://documents1.worldbank.org/curated/en/099040424151021308/pdf/P179962143f93d0531a2901588726639e71.pdf",
     "source_url": "https://www.infobae.com/panama/2026/06/24/panama-pone-orden-a-la-forma-de-evaluar-los-incumplimientos-bancarios/",
     "source_tier": "1",
     "retrieved_at": "2026-07-04"
    }
   ]
  },
  {
   "code": "W8",
   "name": "Merchant Acquiring & Risk",
   "confidence": "Assessed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/panama/#w8-merchant-acquiring-risk",
   "standing_position": "Merchant acquiring in Panama is delivered through bank-affiliated gateways (Banco General/Yappy Comercial, Banistmo, BAC Credomatic, Credicorp) plus independent processors (Wompi, Pagadito, Paguelofacil), with standard percentage-plus-tax merchant discount pricing and hybrid local-acquirer/global-PSP models used for multi-currency and tourism-sector acceptance.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "Merchant discount pricing",
     "source": "https://www.bgeneral.com/yappy/",
     "source_url": "https://www.bgeneral.com/yappy/",
     "source_tier": "2",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "Gateway landscape",
     "source": "https://jootser.com/pasarelas-de-pago-para-e-commerce-en-panama/",
     "source_url": "https://payatlas.com/countries/panama-pa",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "Foreign PSP presence requirement",
     "source": "https://payatlas.com/countries/panama-pa",
     "source_url": "https://payatlas.com/countries/panama-pa",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "Hybrid acquiring model (tourism sector)",
     "source": "https://payatlas.com/countries/panama-pa",
     "source_url": "https://payatlas.com/countries/panama-pa",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    }
   ]
  },
  {
   "code": "W9",
   "name": "Product Innovation & Market Development",
   "confidence": "Assessed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/panama/#w9-product-innovation-market-development",
   "standing_position": "Panama's payments innovation is led by bank-sponsored real-time mobile wallets built on the Telered/ACH Xpress rails, with Yappy the dominant platform and growing interoperability across banks; roughly 93% of the population is reported to use mobile banking, and Caja de Ahorros runs an agency-banking program for financial inclusion in remote areas.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "ACH Xpress interoperability",
     "source": "https://elcapitalfinanciero.com/nequi-y-yappy-se-disputan-clientes-bancarios-en-panama/",
     "source_url": "https://elcapitalfinanciero.com/nequi-y-yappy-se-disputan-clientes-bancarios-en-panama/",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "Mobile banking adoption",
     "source": "https://americaretail-malls.com/paises/centroamerica/panama-digital-el-93-de-la-poblacion-ya-usa-banca-movil/",
     "source_url": "https://www.superbancos.gob.pa/documentos/evaluaciones_fmi/NT-SPN-Pagos-Panama-Payments-TN.pdf",
     "source_tier": "4",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "World Bank/IMF payments technical note",
     "source": "https://www.superbancos.gob.pa/documentos/evaluaciones_fmi/NT-SPN-Pagos-Panama-Payments-TN.pdf",
     "source_url": "https://www.superbancos.gob.pa/documentos/evaluaciones_fmi/NT-SPN-Pagos-Panama-Payments-TN.pdf",
     "source_tier": "1",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "Product proliferation",
     "source": "https://www.prensa.com/economia/yappy-nequi-zinli-y-ahora-kuara-compiten-en-el-mercado-de-los-pagos-digitales-en-panama/",
     "source_url": "https://www.superbancos.gob.pa/documentos/evaluaciones_fmi/NT-SPN-Pagos-Panama-Payments-TN.pdf",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    }
   ]
  },
  {
   "code": "W10",
   "name": "Consumer Protection & APP Fraud",
   "confidence": "Assessed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/panama/#w10-consumer-protection-app-fraud",
   "standing_position": "Consumer protection for payments splits between ACODECO (general commercial/advertising complaints under Law 45 of 2007, competence up to US$5,000, US$30,000 for vehicles) and the SBP (banking-specific consumer complaints); there is no dedicated APP-fraud mandatory-reimbursement regime, and refund mechanics for misdirected instant-payment transfers rely on voluntary bank features rather than statutory liability rules.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "Law 45 of 2007",
     "source": "https://lawgratis.com/blog-detail/consumer-law-panama",
     "source_url": "https://fmm.com.pa/panama-and-consumer-protection-in-the-digital-era/",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "Jurisdictional split (ACODECO vs SBP)",
     "source": "https://www.superbancos.gob.pa/en/sac/preguntas-frecuentes",
     "source_url": "https://newsroompanama.com/2024/04/27/banco-general-yappy-makes-an-important-update/",
     "source_tier": "1",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "ACODECO claims threshold",
     "source": "https://fmm.com.pa/panama-and-consumer-protection-in-the-digital-era/",
     "source_url": "https://newsroompanama.com/2024/04/27/banco-general-yappy-makes-an-important-update/",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "Misdirected-payment remediation (voluntary)",
     "source": "https://newsroompanama.com/2024/04/27/banco-general-yappy-makes-an-important-update/",
     "source_url": "https://newsroompanama.com/2024/04/27/banco-general-yappy-makes-an-important-update/",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    }
   ]
  },
  {
   "code": "W11",
   "name": "AML/CFT & Financial Crime",
   "confidence": "Confirmed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/panama/#w11-aml-cft-financial-crime",
   "standing_position": "sentinel.baseline: Panama's core AML/CFT instrument is Law 23 of 2015 (as amended), supervised by the SBP for financial obligated subjects and enforced via the newly codified Acuerdo 3-2026 sanctions methodology; Panama was FATF grey-listed June 2019 and formally delisted 27 October 2023, with the EU following in removing Panama from its high-risk list in 2024/2025.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "Acuerdo 3-2026 (sanctions methodology)",
     "source": "https://www.laestrella.com.pa/amp/economia/panama-endurece-las-reglas-de-prevencion-de-delitos-financieros-en-los-bancos-HH23530869",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": "Panama exited the FATF grey list in October 2023 and the EU high-risk third-country list in June 2025. AML law criminalises laundering broadly and created a non-public UBO registry (Law 129/2020) under Superintendencia/UAF supervision, but domestic ML prosecution remains weak, professional-enabler oversight (CSPs, lawyers) is uneven, and no comprehensive VASP/crypto law is in force.",
     "instrument_type": "assessment",
     "source": "FIM (sentinel.gi) per-JID baseline profile — Panama",
     "source_url": null,
     "source_tier": null,
     "retrieved_at": null
    },
    {
     "finding": "Gap: regulatory-failure",
     "instrument_type": "gap",
     "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-002)",
     "source_url": null,
     "source_tier": null,
     "retrieved_at": null
    },
    {
     "finding": "Gap: capacity-deficit",
     "instrument_type": "gap",
     "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-005)",
     "source_url": null,
     "source_tier": null,
     "retrieved_at": null
    },
    {
     "finding": "Gap: legal-gap",
     "instrument_type": "gap",
     "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-003)",
     "source_url": null,
     "source_tier": null,
     "retrieved_at": null
    },
    {
     "finding": "Gap: enforcement-absence",
     "instrument_type": "gap",
     "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-001)",
     "source_url": null,
     "source_tier": null,
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W12",
   "name": "Correspondent Banking, Settlement & Access",
   "confidence": "High",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/panama/#w12-correspondent-banking-settlement-access",
   "standing_position": "Panama has no central bank and relies on Banco Nacional de Panamá as settlement bank for domestic clearing; correspondent-banking access has historically been sensitive to FATF/EU listing status, with post-2023 delisting improving relationships even as SBP Rule 1-2026 signals renewed compliance tightening to correspondent partners in the US and Europe.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "World Bank FSAP settlement structure",
     "source": "https://documents1.worldbank.org/curated/en/099613104102429031/pdf/SECBOS1af572a90621b72716e27781ecaec.pdf",
     "source_url": "https://documents1.worldbank.org/curated/en/099613104102429031/pdf/SECBOS1af572a90621b72716e27781ecaec.pdf",
     "source_tier": "1",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "Correspondent relationship improvement post-delisting",
     "source": "https://www.prnewswire.com/news-releases/panama-officially-removed-from-fatf-grey-list-301970490.html",
     "source_url": "https://globallawexperts.com/panama-fintech-law-2026-draft-law-no-314-sbp-rule-1-2026-licensing-aml-and-bank-access/",
     "source_tier": "2",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "SBP Rule 1-2026 correspondent signalling",
     "source": "https://globallawexperts.com/panama-fintech-law-2026-draft-law-no-314-sbp-rule-1-2026-licensing-aml-and-bank-access/",
     "source_url": "https://globallawexperts.com/panama-fintech-law-2026-draft-law-no-314-sbp-rule-1-2026-licensing-aml-and-bank-access/",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "International Banking Center deposit growth",
     "source": "https://www.superbancos.gob.pa/en/node/1687",
     "source_url": "https://globallawexperts.com/panama-fintech-law-2026-draft-law-no-314-sbp-rule-1-2026-licensing-aml-and-bank-access/",
     "source_tier": "1",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "Academic study on de-risking selectivity",
     "source": "https://ape.socialcatalystlab.org/papers/apep_1234/v1/paper.pdf",
     "source_url": "https://globallawexperts.com/panama-fintech-law-2026-draft-law-no-314-sbp-rule-1-2026-licensing-aml-and-bank-access/",
     "source_tier": "4",
     "retrieved_at": "2026-07-04"
    }
   ]
  },
  {
   "code": "W13",
   "name": "Commercial Intelligence & Fintech",
   "confidence": "Possible",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/panama/#w13-commercial-intelligence-fintech",
   "standing_position": "Panama's fintech investment activity remains modest in absolute terms relative to its role as a financial hub: trailing-12-month equity funding has been in the low tens of millions of dollars across a handful of rounds, with limited M&A exits in the fintech vertical, alongside the January 2026 legislative event of Draft Law 314's introduction.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "commercial_event",
     "source": "https://tracxn.com/d/geographies/panama/__M43a-AgsfK3LvgIGrffDKvH7UYcE9F8msaKUAD17KZg",
     "source_url": "https://tracxn.com/d/geographies/panama/__M43a-AgsfK3LvgIGrffDKvH7UYcE9F8msaKUAD17KZg",
     "source_tier": "4",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "commercial_event",
     "source": "https://tracxn.com/d/explore/fintech-startups-in-panama/__yCpaKPFTlkZqAiiUSM-AyoXXfjbmrU1FCPMPyAFfEFs",
     "source_url": "https://tracxn.com/d/explore/fintech-startups-in-panama/__yCpaKPFTlkZqAiiUSM-AyoXXfjbmrU1FCPMPyAFfEFs",
     "source_tier": "4",
     "retrieved_at": "2026-07-04"
    },
    {
     "finding": null,
     "instrument_type": "commercial_event",
     "source": "https://globallawexperts.com/panama-fintech-law-2026-draft-law-no-314-sbp-rule-1-2026-licensing-aml-and-bank-access/",
     "source_url": "https://globallawexperts.com/panama-fintech-law-2026-draft-law-no-314-sbp-rule-1-2026-licensing-aml-and-bank-access/",
     "source_tier": "3",
     "retrieved_at": "2026-07-04"
    }
   ]
  }
 ]
}