{"id":12211,"date":"2014-12-16T13:14:58","date_gmt":"2014-12-16T18:14:58","guid":{"rendered":"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/?p=12211"},"modified":"2014-12-16T15:57:32","modified_gmt":"2014-12-16T20:57:32","slug":"panama-more-supervision-for-financial-companies","status":"publish","type":"post","link":"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/panama-more-supervision-for-financial-companies\/","title":{"rendered":"Panama: More Supervision for Financial Companies"},"content":{"rendered":"<p><a href=\"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2014\/12\/financial-pacific.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-12213\" src=\"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2014\/12\/financial-pacific.jpg\" alt=\"financial pacific\" width=\"676\" height=\"412\" srcset=\"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2014\/12\/financial-pacific.jpg 676w, https:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2014\/12\/financial-pacific-300x182.jpg 300w\" sizes=\"auto, (max-width: 676px) 100vw, 676px\" \/><\/a><\/p>\n<p>In addition to the two audits a year, the idea of amending the legislation to increase the oversight of the 161 financial companies registered in the country is being contemplated.\u00a0 If Panama wants to maintain some semblance of stability in the financial sector they should make this new law much tougher especially after the fiasco with\u00a0 Financial Pacific and our local credit union in David.<\/p>\n<p class=\"description\">According to the Panamanian authorities it is important to update the legislation and supervision of financial institutions, as it is an important sector which manages $1.17 billion in assets.<\/p>\n<p>Martesfinanciero.com reports that &#8220;&#8230; The magnifying glass (supervision) has expanded its scope and financial firms are included in it. The activity has legislation that regulates it &#8211; law 42 regulating the operations of financial companies &#8211; dates from 13 years ago and for some it is time to renew it. &#8221;<\/p>\n<p>&#8220;&#8230; While the regulator and those in the business decide whether to regulate the activity or not, experts say international standards in regulation requires a risk-based approach in order for supervision to be effective, they recommend including financial companies and cooperatives. therefore it is important that regulators are updated based on what is required by international standards, in addition to ongoing training that will make them aware of the risk-based approach. &#8221;<\/p>\n<p class=\"link_source\">Source: martesfinanciero.co<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In addition to the two audits a year, the idea of amending the legislation to increase the oversight<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-12211","post","type-post","status-publish","format-standard","hentry","category-news-articles-panama-perpsective"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.7 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Panama: More Supervision for Financial Companies - Blog and Newsletter<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/panama-more-supervision-for-financial-companies\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" 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