PANAMA CITY, Dec 4 (PBI) – The Superintendency of Banks of Panama (SBP) has approved Agreement 9-2025, a new regulatory framework designed to modernize and streamline the administrative process for consumer complaints within the national banking system.

The regulation marks a significant shift toward full digitalization, aiming to enhance transparency and efficiency in the relationship between financial institutions and their clients. Central to the update is the implementation of a mandatory Electronic Platform, which will transition all claims to digital files accessible to both consumers and banks.

Digital-First Resolution and Transparency

The new framework is designed to eliminate physical paperwork and reduce the need for in-person administrative hurdles. Through the digital ecosystem, consumers will be able to file claims electronically and track their progress in real-time.

Under the new guidelines, the resolution process will include:

• Virtual and Hybrid Hearings: Claimants may participate in hearings either in person or virtually, depending on the nature of the dispute.
• Electronic Notifications: Communication between the regulator, the bank, and the consumer will be handled through digital notifications to ensure speed.
• Structured Resolutions: The SBP will issue motivated decisions within strictly defined legal windows, providing greater legal certainty to all parties.

Accelerated Timelines and Oversight

Agreement 9-2025 maintains the requirement for banks to address a client’s initial grievance within 30 days. Should a bank fail to respond within this period, or if the consumer is dissatisfied with the outcome, the SBP will intervene under an accelerated oversight timeline:

1. Claim Evaluation: The SBP will assess the grievance within five business days.
2. Bank Rebuttal: Once notified, the financial institution has five business days to submit its response to the regulator.
3. Fast-Track for Small Claims: For disputes involving amounts up to USD 1,500.00, or those specifically regarding transparency and information disclosure, the SBP will apply a simplified oral procedure to ensure a more rapid resolution.

Compliance and Penalties

To ensure strict adherence to the new digital procedures, the SBP has introduced financial penalties for non-compliance. Banks that fail to follow orders issued during the dispute process will face daily fines for contempt of up to USD 100, without prejudice to other administrative measures or sanctions.

Industry observers view the move as a critical step in aligning Panama’s banking sector with international standards for digital consumer protection. By mandating a centralized electronic platform, the SBP aims to preserve the structural resilience of the banking center while providing a more user-centric environment for both domestic and international clients.