In this article, we’re exploring the list of regulated banks in Panama. We’ll share the specific regulated financial institutions that operate in the country and which ones fall under the category of dominant banking groups and the largest banks in Panama. We’ll also answer common questions we receive from people exploring this topic.
This article is part of our free series on the largest banks in Panama. You can access this series right now by using the link above.
In addition to detailed account opening guides, this free series on Panama banking also discusses the largest banks in Panama, Panama opening requirements, the costs of banking in Panama, and much more. Use the link above to start exploring all of your free Panama banking content right now.
Alternatively, use the table of contents to continue exploring more information on the list of regulated banks in Panama.
Table of Contents
- List of Regulated Banks in Panama
- Frequently Asked Panama Banking Questions
- Do You Want to Open a Panama Bank Account?
List of Regulated Banks in Panama
Regulated banks in Panama include local banks, international banks, and other banking groups that are authorized to operate in Panama. Regulated banks are managed by the Superintendency of Banks of Panama.
Banks that are regulated by the Superintendency of Banks of Panama are required to comply with strict guidelines. This includes adhering to risk management protocols, security measures, and financial regulations. Additionally, all regulated banks in Panama are required to implement know-your-customer (KYC) and anti-money laundering (AML) procedures.
Here is a financial institution directory of eight Panamanian banks listed below that are regulated by the Superintendency of Banks of Panama.
List of Regulated Panama Banks
- Banco General
- Banistmo
- Banco Aliado
- Banco Nacional de Panama
- Citibank
- Scotiabank
- BBVA Panama
- BHD International Bank
These banks, including Banco General, the largest bank in Panama, operate under the regulator of the country. The regulator is responsible for maintaining the stability, transparency, and compliance regulations of Panama’s financial system. The Superintendency of Banks of Panama adheres to global banking standards, including the Common Reporting Standard (CRS) agreement.
If you are interested in learning more about banking in Panama, don’t forget to visit our comprehensive guide on Banking in Panama, available in the link above.
Alternatively, if you would like to explore all of your offshore banking options, download our free guide and compare Panama to some of the top banking jurisdictions available.
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Frequently Asked Panama Banking Questions
Below are a few of the most common questions we receive from people exploring the list of regulated banks in Panama. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
What US Banks Operate in Panama?
The US banks that operate in Panama include Citibank and JPMorgan Chase Bank. The difference between these two banks ultimately comes down to the type of license they have. Citibank has a general banking license to operate in Panama, whereas JPMorgan Chase Bank has the authority to act as a representative in Panama. With this in mind, neither of these banks offers retail consumer banking services. Instead, they offer commercial and investment banking services.
Which International Banks Are in Panama?
There are 13 international banks in Panama. Many of these banks have restrictions on the clients they serve and the services they can offer. This is especially true when it comes to opening private bank accounts in Panama. With this in mind, it’s important to confirm bank acceptance policies, the banking services offered, and the costs of banking before spending time and effort to submit an application.
Who Regulates Banks in Panama?
The Superintendency of Banks in Panama (SBP) regulates banks in Panama. The Superintendency of Banks in Panama regulates and maintains Panama’s banking sector by implementing banking regulations and managing and overseeing all banking activities in Panama.
Do You Want to Open a Panama Bank Account?
If so, you can access GlobalBanks IQ and start the process of applying in Panama in a few clicks.
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