On Jan. 3, PAN CB updated reports for information maintenance.
PAN CB issued Circular SBP-DR-CIRCULAR-2025-0005 to update duties re (BAN11) Inactive Accounts and Securities Report, Auxiliary Table (SB89), Agreement 5-2009.
Highlights
Update aimed at banking entities reporting the maintenance of declared beneficiaries.
The reported data will be used as statistical data so PAN CB can know if any banking entity with a fiduciary license maintains inactive funds, such as Severance Trust.
Its transfer authorization to Custody Department of the National Bank of Panama must be conducted under Law 21 of 2017, which regulates trustees, and trust business.
(BAN11) data requests will be sent through ITBANk, quarterly within 10 business days.
The first report including the update must be sent as of the end of Sep. 2025 quarter.
Inquiries
Any questions re the update of (BAN11), (SB89) may be emailed until Mar. 31, 2025.
