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Bank Secrecy

Article 111 of the Panamanian banking law states the following:

ARTICLE 111. BANKING CONFIDENTIALITY. Banks will only divulge information about its clients or their operations with their consent. Banks will not require consent from their clients in the following cases:
  1. When the information is required from the authorities according the law.
  2. When from their own initiative it must be provided in compliance with laws related to the prevention of money laundering, financing of terrorism, and related crimes.
  3. Rating agencies for risk analysis purposes.
  4. To data processing agencies or offices for operational or accounting purposes.
In cases 3 and 4, the obligation of maintaining the confidentiality of the provided information will be legally transferred.

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