The Board of Directors of the Superintendency of Insurance and Reinsurance of Panama (SSRP) established the criteria in Agreement No. 03 dated November 24, 2022, published this Tuesday, January 3, 2023.

The established criteria state that, at a minimum, all natural and legal persons subject to control, prior authorization, supervision, supervision, regulation, and supervision by the regulatory body will have to meet in order to carry out insurance and reinsurance transactions in or from Panama, at one of its branches, and to issue surety bonds

Indeed, as part of the actions that have been implemented to strengthen the industry in Panama, in accordance with international standards, the provisions relating to the prevention of money laundering, the financing of terrorism and the financing of the proliferation of weapons of mass destruction are regulated.

Thus, through this agreement, the SSRP (regulatory entity) will be able to exercise its role which is nothing other than control, supervision, regulation and supervision with a “risk-based approach” to the prevention mechanisms established by regulated entities in the insurance sector. This will enable it to identify, assess, control, mitigate and monitor the risks of money laundering, terrorist financing and the financing of the proliferation of weapons of mass destruction to which they are exposed.