Panama, 24 July 2020.
By means of Rule JD-01-2020, published in the Official Gazette No. 29076 of 24 July 2020, the Superintendence of Non-Financial Regulated Persons (SNFR) has established a set of rules and obligations imposed to attorneys and accountants whenever they incur in any of the regulated activities under Law 23 of 2015, which relates to prevention of money laundering, financing of arms of mass destruction and financing of terrorism.
Below, we summarize the relevant matters of this new regulation:
Access to Clients’ information
Art. 3 of Rule JD-01-2020 establishes that attorneys and accountants regulated by the SNFR incurring in any of the regulated activities, shall, at the requirement of SNFR, deliver a list of clients classified in qualitative and quantitative terms, based on risk parameters. With respect to clients that has terminated its commercial relation, shall be included in the list indicating an explanation of the cause of termination of the commercial relation.
During the supervision, all documents relating to the relation of each client (e.g. Contracts, agreements, etc.) shall be furnished, as well as the documentation related to the due diligence and control measures applied.
Due Diligence Measures
Art. 6 and 7 of Rule JD-01-2020 establishes the enhanced due diligence requirements applicable to natural or legal persons, that shall be requested by attorneys and accountants in the scenarios set forth under Law 23 of 2015, in which such measure is required in light of the high risk cases.
This new regulation also establishes a list of clients that may be subject to a simplified due diligence measures in virtue of the regulated activities exercised by attorneys and accountants, which is something that was not previously regulated.
Directors and Representatives
Attorneys and accountants shall, at requirement, disclose to the SNFR the identity of the persons designated or offered as nominees to its clients.
Rule JD-01-2020 derogated and left without effect Resolution JD-14-2015 and its amendments, that were the original regulation applicable to the regulated activities of attorneys and accountants.
For further information or advice on the matters described above please contact:
Senior Associate, Morgan & Morgan