Three banks hit for money laundering flaws

[Patrick]

http://www.newsroompanama.com/news/panama/three-banks-hit-money-laundering-laxity?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+newsroompanama+%28Newsroom+Panama%29

THE STATE-OWNED   National Bank is one of three  that have been sanctioned for laxity in applying  standards   to prevent money laundering.

The Superintendency of Banks of Panama has also imposed fines  on Multibank  and Banvivienda. “for failure to comply with the standards for the prevention of money laundering capital and for violations of the banking regime.”

According to the regulator’s website, Multibank was fined $300,000 for violations of rules of the anti-money laundering regime and financing of terrorism; and one of $100,000 for violations of the banking system.

The state-owned Banco Nacional de Panamá was fined $106,750 for money laundering violations and $21,875 for violating banking regime rules. Rolando de León, the general manager of the state bank, said in an e-mail that “the sanctions were for cases of clients considered as Politically Exposed Persons (PEP). ”

Banvivienda was fined $90,000  for the prevention of money laundering failures, and another of $40,000 for violations of the banking regime.

This is the second round of bank punishments. In January of this year, the Superintendency issued fines imposed between 2015 and 2016 to nine other entities.

[Keith Woolford]

Residency status is required for foreigners to open a bank account in Panama.

[Patrick]

HOLA JIM&NINA: I HAVE BEEN WITH GLOBAL SINCE 1999, I HAVE NEVER HAD A PROBLEM WITH THEM AND HAVE A JOINT CHECKING AND TWO SAVINGS ACCOUNTS WITH THEM. THEIR CUSTOMER SERVICE IS TOPS.  I HAVE MY PENSION DEPOSITED INTO B.O.A. IN THE U.S. AND WRITE A CHECK ON THAT TO DEPOSIT FUNDS INTO MY GLOBAL ACCOUNTS. TAKES A COULD OF WEEKS BUT WORKS PERFECTLY AND NO EXTRA CHARGE.

PS: PLEASE EXCUSE MY UPPER CASE WRITING AS I SUFFER FROM AMD-WET AND HAVE DIFFICULTY TYPING IN LOWER CASE.

   

[Robert Berding]

I use Scotia Bank in Alto Boquete. I get my pensions wire transferred in Euros and they are coverted automatically into US$ by Scotia Bank. Transfer takes 2.1/2 days.2 days ago they made a wire transfer from my US$ account to Europe in Euros.Good service. 

[Walter Steiner]

Those fines look like parking tickets, considering the amounts of dirty money usually flowing through "laundry services".

[Patrick]

THE FUNNY THING ABOUT THIS IS THAT ABOUT FIVE YEARS AGO, WHEN FACTA CAME INTO EXISTENCE, MY WIFE AND I HAD A JOINT SAVING ACCOUNT UNDER MY PANAMANIAN WIFE'S NAME AND ONE MORNING WE WERE CALLED BY THE SECRETARY IN THE NATIONAL BANK TO COME AND CLOSE OUT OUR ACCOUNT A.S.A.P.  THERE WASN'T MUCH MONEY IN THE ACCOUNT SO WE TOOK IT OUT AND WENT NEXT DOOR TO GLOBAL.