Opening a Bank Account in Panama...Panamanian Banking Industry Since 1904 Panama´s economy is...
27
Opening a Bank Account in Panama David Tuñon Global Banking Executive MMG BANK
Transcript of Opening a Bank Account in Panama...Panamanian Banking Industry Since 1904 Panama´s economy is...
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
.
