Banks must identify beneficiaries of corporate accounts

 
439Views 0Comments Posted 16/12/2014

BANKS operating in Panama have one year to identify the final beneficiaries in corporations who previously opened accounts at their institutions says the Banking Superintendency For new accounts the information is mandatory immediately.

The  rule is expected to make life harder for tax dodgers and money launderers.

.The information was published Tuesday December 16 in the Official Gazette 27681 through the General Board Resolution SBP-GJD-0009-2014.
According to the text :, "The bank must request the documents evidencing the name of the identified natural person as the final beneficiary and holder of certificates of shares of the corporation ".
For cases of corporations with bearer shares, banks require immobilization of the shares through the bank itself or a custodian approved by the bank or the bank will deliver an affidavit with the data of the final beneficiaries.
For accounts opened before this reform, the Superintendency of Banks grants a year to the banksto  meet the new norm.
For new customers, the resolution is mandatory from today.