TRUST SERVICES, S.A.

 

Fiduciary and Corporate Services to
Professional Firms, Institutions and Individuals since 1981

 

OPENING CORPORATE BANK ACCOUNTS IN PANAMA

 

Panama recognises its responsibilities in support of the international concerns regarding drug trafficking, money laundering and other illicit funds activity.  Stringent monitoring and vetting procedures have been introduced and both licensed trust companies and banks are required to comply with the appropriate provisions of the Panamanian banking law. Accordingly, the following information and documentation should be given when a local corporate bank account is to be opened:

 

1)      A notarised copy of the photo page of your passport and copies of all pages, including blank ones as well as a notarised copy of a similar photo ID (driver’s licence, for example).Only the photograph page has to be notarised.

 

2)      A utility bill (not older than 2 months) confirming your address.

 

3)      Two commercial or personal references and two bank references are required for each beneficial owner and account signatory to be addressed to either the bank or yourself.  The bank references should confirm the satisfactory conduct of the accounts and that the relationships have been of at least two years duration. Each bank letter must:

 

(a)    Be provided within a month from the date it was issued.

(b)   Mention the approximate account balance (for example: 5 low figures)

(c)    Mention the period of the relationship.

(d)   Mention if the relationship has been satisfactory

 

4)      Brief details of the applicant/s business.  This is reviewed by every local bank’s Compliance Officer who is required to vet all new account applications in accordance with the monitoring procedures laid down.  The information needed is:

 

(a)    The nature/line of the company’s business, or intended business, and the approximate annual volume of business which the company does or will do.

(b)   The location/s of the business.

(c)    The origin/source of the funds to be deposited in the new account. Please provide specific details of the assets as well as any documentary evidence, such as financial statements, contracts, bank statements.

(d)   The reason for opening the new account in Panama .

(e)    The approximate annual volume of funds which will pass through the new account.

 

5)      Resume of each beneficiary of the account as well as all signatories on the account.  The resume should be brief, providing academic and work experience details.

6)      An initial minimum deposit of $1,000 should be wired transferred to our escrow account:

 

Correspondent Bank
Deutsche Bank Trust Company Americas
New York, N.Y.
SWIFT:   BKTRUS33XXX
ABA: 021001033

Beneficiary Bank
Banco Panameño de la Vivienda, S. A.
Account No.:  04456961
SWIFT: BPVVPAPA

Further credit to:
Trust Services, S.A.
Account No. 12-020-000001928-001

Ref. Your Company Name or Initials

 

It is recommended that you include an additional $40 with the minimum deposit to cover any bank transfer charges.

 

In some cases, additional information/documentation may be required, but we will always use our best endeavours and attempt to have the new account opened as quickly as possible.  We charge a special $400 fee plus disbursements for opening each bank and any other type of investment account unless the work involved is beyond normal processing and in which case the fee will be increased.  The fee is payable whether or not an account can be opened.  We only process accounts if other services are also being provided.  Please also note if credit cards are required there is an additional fee of $75 for each one. 


IMPORTANT NOTE:  These requirements are subject to change without notice by the banks and/or the Panamanian banking authorities and whilst every effort is made to ensure that they are current, it is recommended that you contact us before proceeding.  We cannot guarantee that an account will be approved as this is solely at the discretion of the bank

 

MANAGEMENT OF YOUR INTERNATIONAL AFFAIRS BY LICENSED, QUALIFIED AND EXPERIENCED PRACTITIONERS




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