Unlawful banking business:

The Superintendency of Banks of the Republic of Panama advises the general Public that the persons and/or companies included in the following list do not hold a banking license to engage the banking business in or abroad Panama. This means, those are not empowered to collect, directly or indirectly, resources from the public by means of deposits or otherwise.

The companies and persons are only entitled to engage the banking business in or abroad the Republic of Panama, if the Superintendency of Banks of the Republic of Panama has granted a Banking License, prior to beginning operations. (For further information on Banks duly authorized to engage in the banking business in or abroad the Republic of Panama, please click on the following link: http://www.superbancos.gob.pa/aspec_igee/grals_banks.asp

Furthermore, the companies and persons that engage the banking business without the respective license or illegally collect financial resources from the public are subject to the sanctions established in articles 45 and 185 of the Banking Law. The above is also in prejudice of the provisions of Article 244 of the Criminal Code of the Republic of Panama.

Finally, we deem important to inform you that, as of the enforcement of Decree Law No. 2 of 2008, on August 25, 2008, it is prohibited to any person to collect, in or abroad Panama, directly or indirectly, resources from the public by means of deposits or otherwise, unless: (a) that person has a license or authorization for such activity duly approved by the relevant authority or regulator or (b) collection activities exempted by law or needing a license, regulation or authorization. This Superintendency is empowered to inspect the books, accounts, and documents in order to determine the compliance with this provision.

Trust Business in or abroad the Republic of Panama:

Only the persons duly authorized by this Superintendency and that were granted with a Trust License might engage, as accustomed and professionally, in the Trust Business in or abroad the Republic of Panama. For further information on the entities that have a Trust License, please click on the following link: http://www.superbancos.gob.pa/aspec_fidu/fiduciarias_eng.asp