What licensing steps are required to launch a digital wallet service in Panama, and what AML/KYC obligations apply?

 Response from MOLINA & CO.

Thank you for your inquiry.

In Panama, electronic wallets and cross-border payment services are principally regulated by:

1) Primary Regulator

• Superintendencia de Bancos de Panamá (SBP) – when activities resemble issuance of electronic money, payment services, stored-value, or financial intermediation.
• If services involve securities or tokenized instruments, the Superintendencia del Mercado de Valores (SMV) may also participate.

2) Licensing Framework

A fintech offering e-wallets and cross-border payments generally requires:

1. Submission of a license application to SBP
2. Corporate formation in Panama
3. AML/KYC compliance structure
4. Business plan, risk assessment, and cybersecurity policies
5. Identification of shareholders, directors, and key personnel
6. Fit & proper requirements for management
7. Approval followed by operational authorization

Processing time typically ranges 4–8 months, depending on project scope and regulatory review.

 

3) Minimum Capital

Minimum capital depends on activity classification under banking / payment services regulations.
Typical requirements range from approximately USD 250,000 – 1,000,000+, depending on scope, product design, risk exposure, and cross-border operations.

 

4) Ongoing Obligations

• Periodic financial statements
• Transaction reporting
• Cybersecurity controls
• Operational audits
• Regulatory inspections
• Adequate data-protection compliance

 

5) AML / KYC Requirements

The entity must:

• Maintain a documented AML program
• Appoint a compliance officer
• Conduct identity verification of users (KYC)
• Monitor transactions, including cross-border
• Report suspicious activities (ROS)

Panama applies FATF-aligned standards, including enhanced due-diligence for higher-risk profiles.

 

6) Fees – Legal & Government (Estimate)

• Regulatory / Government costs:
  Approx. USD 5,000 – 15,000 depending on license type
• Professional fees (MOLINA & CO.):
  From USD 18,000 – 45,000, depending on scope, structure, and regulatory complexity

Ongoing compliance support can be provided under separate service agreements.

 

If you would like assistance with feasibility analysis, licensing, compliance design, or incorporation, our firm would be pleased to guide you.

— MOLINA & CO. – Panama

Roderigo Julio Molina O

 

Response from MOLINA & CO.

Thank you for your inquiry.

In Panama, electronic wallets and cross-border payment services are principally regulated by:

1) Primary Regulator
- Superintendencia de Bancos de Panamá (SBP) – when activities resemble issuance of electronic money, payment services, stored-value, or financial intermediation.
- If services involve securities or tokenized instruments, the Superintendencia del Mercado de Valores (SMV) may also participate.

2) Licensing Framework
A fintech offering e-wallets and cross-border payments generally requires:
- Submission of a license application to SBP
- Corporate formation in Panama
- AML/KYC compliance structure
- Business plan, risk assessment, and cybersecurity policies
- Identification of shareholders, directors, and key personnel
- Fit & proper requirements for management
- Approval followed by operational authorization

Processing time typically ranges 4–8 months, depending on project scope and regulatory review.

3) Minimum Capital
Minimum capital depends on activity classification under banking / payment services regulations.
Typical requirements range from approximately USD 250,000 – 1,000,000+, depending on scope, product design, risk exposure, and cross-border operations.

4) Ongoing Obligations
- Periodic financial statements
- Transaction reporting
- Cybersecurity controls
- Operational audits
- Regulatory inspections
- Adequate data-protection compliance

5) AML / KYC Requirements
The entity must:
- Maintain a documented AML program
- Appoint a compliance officer
- Conduct identity verification of users (KYC)
- Monitor transactions, including cross-border
- Report suspicious activities (ROS)

Panama applies FATF-aligned standards, including enhanced due-diligence for higher-risk profiles.

6) Fees – Legal & Government (Estimate)
- Regulatory / Government costs:
Approx. USD 5,000 – 15,000 depending on license type
- Professional fees (MOLINA & CO.):
From USD 18,000 – 45,000, depending on scope, structure, and regulatory complexity

Ongoing compliance support can be provided under separate service agreements.

If you would like assistance with feasibility analysis, licensing, compliance design, or incorporation, our firm would be pleased to guide you.

— MOLINA & CO. – Panama

Roderigo Julio Molina O

Au Panama, un portefeuille numérique / une fintech de paiements électroniques est principalement régulé par la Superintendencia de Bancos de Panamá (SBP), avec la surveillance de la lutte contre le blanchiment par la UAF (Unidad de Análisis Financiero).

 

Obtention de licence et constitution

entité financière non bancaire / prestataire de services de paiement (il n’existe pas de licence « bac à sable » allégée). La SBP examine les statuts, les actionnaires, les administrateurs, le plan d’affaires, le modèle de risque, l’architecture informatique/de sécurité et la provenance des fonds. Le capital minimum n’est pas fixé par la loi mais est évalué au cas par cas et doit être suffisant pour les opérations et l’exposition aux risques.

 

Obligations en matière de LBC / KYC

Vous êtes une entité déclarantes au sens des lois panaméennes sur la lutte contre le blanchiment. Les obligations obligatoires incluent la connaissance complète du client (identification et vérification), la surveillance des transactions, la déclaration de soupçons à l’UAF, la nomination d’un responsable conformité, des manuels internes de LBC et la formation du personnel. Les paiements transfrontaliers déclenchent une diligence renforcée.

 

Obligations continues

Rapports financiers et opérationnels périodiques à la SBP, rapports de LBC à l’UAF, audits lorsqu’ils sont requis, et supervision réglementaire continue. Le non-respect peut entraîner des amendes, une suspension de licence ou une fermeture.

Studio Panama Italia