Law 2 of 2011 on knowing the client of a legal entity in Panama

A resident agent is the lawyer or law firm that provides its services to a legal entity incorporated in Panama and this law applies to all of them in order to prevent crimes such as capital laundering, financing of terrorism, or any other illegal activity.

Measures to know your client

The following steps should be taken before providing the service to the client. If the client has justification for not submitting the following information to the resident agent, 30 days will be given after service has begun to obtain it.

1. Identify the client and verify that identity through reliable sources.
2. Clearly identify the purpose of the legal entity that the client wants to incorporate.
3. Provide the competent authorities with the information required to prevent illegal activities.

The information that the client provides to the resident agent is confidential and will only be given to the competent authorities if necessary. If a resident agent does not comply with the measures to know the client, he will be sanctioned.

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Read the complete Know Your Client Law for Legal Entities here:

Law 2 of 2011