Law 129 of March 17, 2020 provides provisions on the private and unique system of beneficial owners of legal entities in Panama. The objective is that every lawyer or firm that provides the services of a resident agent must register and keep up to date such registration with the Superintendence of Non-Financial Regulated Entities to ensure confidentiality and integrity.
Resident Agent Registration Data
The resident agent must provide the following information to the Superintendency of Non-Financial Regulated Entities.
In case of natural person:
- Full name
- Identity card
- Suitability number
- Address
- Date of birth
- Contact information
- UAF Code
In case of legal entity:
- Full name
- Folio number
- Date of registration
- Address
- Contact information
- UAF Code
Private and Unique System of Registration of Beneficial Owners
This system safeguards and ensures the privacy of the information provided by the resident agents of the legal entities for which they provide services.
The Unique System requires the resident agent to provide the following information for each legal entity for which it provides services:
From the legal entity:
- Full name
- Folio number
- Date of registration
- Address
- Main activity
Of the beneficial owner:
- Full name
- ID card, passport or identity card number
- Date of birth
- Nationality
- Address
- Date on which beneficiary status is acquired
About penalties
Resident agents may be sanctioned with fines between B. 1,000 and B. 5,000 for each legal entity in force whose information is not registered or updated. The Superintendence of Non-Financial Subjects may also impose daily progressive fines with the equivalent of 10% of the fine originally imposed until the non-compliance is remedied for a term of 6 months.
For more details on law 129 of 2020 see here.
