Opening a Bank Account in Panama

David TuñonGlobal Banking Executive MMG BANK

BUENOS DIAS PANAMÁ

David TuñonGlobal Banking Executive MMG BANK

WHY?

DIVERSIFICATION

FLEXIBILITY

SAFETY

Accessibility

Panamanian Banking Industry

Panamanian Banking Industry

Since 1904 Panama´s economy isdollarized• $1 = B/ 1 or Balboa

Over 40 Banks with General Licence to do business within Panama and Internationally

Panamanian Banking Industry

Banking sector is 7.7% of GDP

$70 BILLION in Deposits Nationally in 2015

Panamanian Banking Industry

Regulator Body = Panamanian Superindendent of Banks • Created 1998• Capitalization and Liquidity Standards

2 State Owned Banks – Banco Nacional & Caja de Ahorros

• Only will open account for Panamanian Residents

Panamanian Banking Industry

FATCA ( Foreign Account Tax Compliance Act )

• Improve Trasperency with US FED• IGA Model 1

OECD (Oganization for Economic Cooperation and Developement )

• Improve Tax Transperency to Tax AdministrationsOverseas

FATF ( Financial Action Task Force )

Enacted in 2015 to meet Money Laundering & Anti Terrorism Standards

OPENING AN ACCOUNT IN PANAMÁ

OPENING AN ACCOUNT IN PANAMÁ

OPENING AN ACCOUNT IN PANAMÁ

I. Interview

II. Orgin of Funds Documentation**

III. Identification**

IV. Bank Forms

V. Signature Card

VI. W9

INTERVIEW Who are you?

Why Panama?

How will you use the account?

From where will fund come and to where willthey go?

What services do you require?

When and how often should we expect funds?

Origin of Funds Documentation

Personal Banking Account Income Statement Work Contract Pension Payment

Operative Corporate Account Revenue Statement Audited Financial Statements

Holding Corporate Account Financial Statements of Operative Company Certification of Dividend Payments

Our Institution | MMG BANK

Experience

20 years

Licenses in Panama and the Bahamas

Specialist in

Accounts for non-panamanians citizens

Operative Corporate Accounts

Investments in Latin America

Corporate Finance

Our Institution | MMG BANK

+160

Experienced profesionals

+2.2 Billion

Assets under management

+40

Succesfull public offerings

Our Institution | MMG BANK

Fitch RatingsAA- Long Term

Awarded Best Investment Management Company

Panama | 2016

World Finance

Our Services | MMG BANK

Global Banking$10,000 Account Minimum

US Dollar Accounts

Local & International Transfers

Personal & Managers Checks

Fixed Term Deposits

Escrow Accounts

Safe Deposit Boxes

Debit Card

BLACK MasterCard

Our Services | MMG BANK

Wealth ManagementSpecialist in Latin American Bonds, Stocks, Funds

Access to all World’s Markets

Dedicated Account manager

Custodial for your Securities

Our Services | MMG BANK

Investment BankingAccess to Capital Markets

Structured Finance

Apraisasals & Negotiation

Mergers & Aquisitions

Our Community | MMG BANK

Our Future | MMG BANK

GrowingAdded 20 positions in 2016

16% Growth in Earnings

Launch of Two Managed Funds

Pre-sale of MMG UPPER EAST

.

David Tuñon

Global Banking Executive

david.tunon@mmgbank.com

507-265-7600 ext 7005