Banking budget is between 20 and 30 percent for regulation compliance

Economy

Carlos Troetsch, president of the Panama Banking Association, said that from 20 to 30% of the banking budget is destined to comply with regulations.

In the framework of the Annual Conference of Business Executives, the banker described as “extraordinary” the number of requests for information and compliance from different entities, which has made these departments within financial institutions have to grow between four and five times.

Troetsch also made reference to the additional investment required in technological innovation ‘since we have a fintech that comes to compete head-on with the bank’.

Another issue addressed by the banker during his intervention in CADE is the law of modernization of the Panamanian financial system, which currently awaits debate in the Assembly.

On this, said that to ensure a sense of competitiveness you can not have different rules for the same business, in addition to strengthening the superintendencies.

“Technology transforms the way we have always done business, especially intermediaries (banks),” predicting a future of more specialized advice for banking services, he said.

READ MORE;http://laestrella.com.pa/economia/presupuesto-bancario-destinado-regulaciones/24060413

No Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

"JB"
Government finds $7.1 Million to improve this Diplomatic Villa,,,,but BOCAS AIRPORT is a F—–G embarassment!!

https://www.prensa.com/unidad-investigativa/la-presidencia-destina-71-millones-para-ampliar-y-restaurar-la-villa-diplomatica/ “JB”-   I have spent a great deal of time pre-occupied with BDT for,,,,,well it seems like “forever” now. I already know that the Government exhibits a DGAF attitude when it comes to Law Enforcement, Utility Monitoring, Rackateering, Bribery, etc and so on……YET in spite of all of this. It …

Agriculture
Livestock infection is affecting the supply chain in LATAM region.

https://www.laestrella.com.pa/economia/alerta-regional-por-expansion-del-barrenador-panama-concentra-la-produccion-y-mexico-construye-nueva-planta-DF15673550 The cattle screwworm outbreak is affecting all of Central America and Mexico, with Panama as the epicenter of sterile insect production to curb the plague. The United States confirms its first human case in more than 50 years. The regional health crisis caused by the cattle screwworm (Cochliomyia hominivorax) …

Conservation
1
Better compliance over “illegal fishing” keeps PANAMA on EU list until “2026”

https://www.laestrella.com.pa/economia/panama-debera-esperar-hasta-2026-para-eliminar-la-tarjeta-amarilla-de-la-ue-EF15673755 While this process is being carried out, ARAP is seeking to acquire fishing traceability software so that national fishing has the certification of legality to be accepted by the EU, as well as the appointment of more human resources. It will not be until early 2026 that Panama will …