Panama's Superintency of Banks has fined Banco Panameño de la Vivienda, Banco Nacional de Panama and Multibank for various regulatory infractions including bad money-laundering controls.

Banco Panameño de la Vivienda had to pay US$90,000 (all other amounts are in US dollars) for breaking the rules of the AML/TF prevention regime, following on from inspections between March and April 2015; and $40,000 for breaking the rules of the banking system, following on from the same.

Banco Nacional de Panama had to pay $106,750 for breaking the rules of the AML/TF prevention regime, following on from inspections in 2014 and 2015; and $21,875 for breaking the rules of the banking system, following on from the same.

Multibank had to pay $300,000 for breaking the rules of the AML/TF prevention regime, following on from inspections in 2015 and 2016; and $100,000 for breaking the rules of the banking system, following on from inspections in 2015.

The Superintendency levied the charges under the Banking Regime and the Prevention of Money Laundering and Terrorism Financing Regime. The payments have already been made.

It goes on to say: "It should be clarified that the sanction imposed on a bank is made for corrective purposes and for the sake of deterrent. For this reason, the publicisation of the punishment imposed on a bank for the commission of some administrative fault does not represent an adverse opinion about that bank."