Panama requires beneficiary information
Panama passed Bill No. 169 of March 21, 2020. The bill requires resident agents to provide information on the ultimate beneficial owner (“UBO”) to the Office of Non-Financial Institutions. The bill applies to all Panamanian legal entities.
Let’s look at the main changes presented in the bill:
- Registrars are required to provide information on the beneficiaries within 30 days from the date of registration of the company in the state register or within 30 days from the date of their appointment.
- The bill provides that the information provided by the resident agent will be confidential and accessible only to the resident agent of the legal entity and two designated persons of the Superintendent. If someone gets unauthorized access to the registry, he can be fined $ 500,000.
- Violation of this law may result in a fine of the Registrar in the amount of 1,000 to 5,000 US dollars.
- A company may be excluded from the public register of companies for lack of information on beneficiaries.
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