Superintendency Strengthens Controls for the Identification and Management of Politically Exposed Persons

The Superintendency of Nonfinancial Entities published Resolution No. S 008 2026, which establishes a comprehensive guide to strengthen the identification, assessment, and monitoring of Politically Exposed Persons, their close family members, close associates, and trusted persons.

This new guide represents an important step in strengthening Panama’s preventive system by requiring nonfinancial obligated entities to implement more robust, effective, and properly documented procedures for managing business relationships involving persons with political exposure.

The main measures include updating due diligence forms, verifying information through reliable sources, analyzing the source of funds and wealth, applying enhanced due diligence, continuously monitoring transactions, and providing ongoing staff training.

The Resolution also establishes that a person will be considered a PEP while holding office and for a period of two years after leaving the position, without prejudice to the company maintaining enhanced controls when required by the level of risk. It also includes a broad guide to public offices, which is illustrative and not exhaustive.

This regulation requires companies to go beyond simply checking lists. Each obligated entity must demonstrate that it properly knows its clients and ultimate beneficial owners, understands their economic profile, and has controls capable of detecting unusual transactions, complex corporate structures, third party intermediation, and potential inconsistencies in the source of wealth.

More than a regulatory obligation, this new guide represents an opportunity to strengthen transparency, protect corporate reputation, and prepare organizations to respond safely and effectively to any inspection.

At Auditaxes Compliance, we can assist you with updating manuals, forms, risk matrices, files, enhanced due diligence procedures, and training programs, ensuring that your company is aligned with the new regulatory provisions.

Strengthen your compliance program today and turn prevention into a true advantage for your organization.