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Bank Secrecy
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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:
- When the information is required from the authorities according the law.
- 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.
- Rating agencies for risk analysis purposes.
- 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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