Panama is home to one of Latin America’s largest banking sectors, with many local, regional and international banks. That depth is part of the appeal — but corporate account opening is rigorous, and preparation matters. This is general information only — not legal, tax, banking or immigration advice.
Why due diligence is thorough
Panama has worked hard on its international compliance standing in recent years — it was removed from the FATF “grey list” in 2023 and from the EU’s list of high-risk countries in 2024. Banks reflect that environment with careful know-your-customer (KYC) and anti-money-laundering (AML) checks. For a corporate account, a bank generally wants to understand:
- who ultimately owns and controls the company;
- what the business does, and its main markets and counterparties;
- the expected flow of funds — sources, destinations and volumes; and
- whether the activity is consistent with the company’s registration.
What’s typically involved
While each bank sets its own requirements, applications generally include:
- company incorporation documents and details of directors and beneficial owners;
- identification and references for signatories;
- a description of the business and expected activity; and
- supporting evidence such as contracts, invoices or a business plan.
Some banks will want a reference from an existing banking relationship, and timelines can vary.
What helps
- A genuine, clearly-explained business. Banks are far more comfortable with real operations and a coherent story than with opaque structures.
- Consistency between what you tell the bank, your company registration, and your actual activity.
- Local support. Working with people who understand the current expectations of Panamanian banks can smooth the process considerably.
Realistic expectations
Account opening is achievable but is not instant, and not every bank suits every business. Build banking into your timeline from the start, and align your company structure and documentation before you apply rather than after.
Sources: Superintendencia de Bancos de Panamá (superbancos.gob.pa); FATF and European Commission listing updates (2023–2024). As at June 2026. Individual banks set their own onboarding requirements and timelines, which change over time — confirm current detail directly with the bank or a qualified adviser.
To plan a setup that supports smooth banking, explore our Panama pathways.