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.