Panama Banking FAQ

Many banks prefer or require an in-person interview with the account signatory. In many cases, an in-person interview is a core part of the process. In some cases, a bank may consider a remote interview, but this depends on its internal policies and the client’s profile.

Generally, one or two business days may be sufficient for the interview and signing of forms. The account is not opened the same day; after the interview, the application is reviewed by the bank’s compliance department.

Some banks may consider a remote application, receiving documents by email and, if required, originals by courier. The interview may be coordinated by video call, subject to the bank’s approval.

Our firm can support document preparation related to the corporation or foundation, but the client must manage the banking relationship directly with the bank.

The timeframe depends on each bank. Depending on the case, an application may take around two to four weeks, provided documentation is complete and no additional information is required.

No. An introduction may help start the process, but approval depends exclusively on the bank, its compliance review, and the documentation submitted by the client.

At this time, Panama does not have a comprehensive specific regulatory framework for cryptoasset-related activities. In practice, banks in Panama usually maintain a conservative approach toward businesses whose main activity is connected to cryptocurrencies, exchanges, digital asset trading, custody, DeFi, or similar activities. In practice, this significantly limits banking options in Panama for these types of activities.

For that reason, the feasibility of opening a Panamanian bank account for this type of business may be limited. In these cases, we recommend evaluating jurisdictions with more developed regulatory frameworks and banking options for cryptoasset-related activities.

Banks usually request corporate documents, bank forms, passport, second ID, bank references, commercial or professional references, a description of the activity, transactional profile, and evidence of source of funds.

Banks understand that a new company may not have its own references. In these cases, they generally request personal or commercial references from the client, ultimate beneficial owner, or account signatory.

Banking information is handled in accordance with applicable regulations and the bank’s internal policies. It may be requested by competent authorities in accordance with the law.

No. Our firm does not act as account signatory for clients’ bank accounts. Directors appointed by our firm also do not act as bank account signatories. The signatory must be the client or a person appointed directly by the client.

Yes. Banks may request additional documents or clarifications at any stage of the process in order to comply with their due diligence obligations.

Yes. Account approval is at the sole discretion of the bank and may be declined even when documentation has been submitted.