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Panama banking watchdog issues loans fraud alert

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Panama  banking  watchdog issues loans fraud alert


Posted 28/08/2020

The Superintendency of Panama Banks (SBP) warned on  this Friday, August 28, that alleged financial companies are promoting and attracting customers via the internet, social networks and other means, offering "loans" and conditioning their granting to the realization of payment or prior deposit of money, which would act as a guarantee of financing

In   addition, in the documentation and publicity they are using the name of Superintendency and its logo.

"We inform the public that these alleged companies are NOT banking entities, so they are not regulated or supervised by this Superintendency," says a press release.

It adds that the alleged companies do not have any license to exercise the Banking Business in or from the Republic of Panama, in accordance with the Banking Law.

"The list of banking entities authorized by the Superintendency of Banks of Panama can be consulted on our website: www.superbancos.gob.pa Supervised Entities section, General Information on Banks", stressed the entity.

In addition, they clarify that these alleged companies have not requested, nor do they have authorization from the SBP to use the name and logo of the entity. "Its unauthorized use will be subject to the corresponding sanctions, in accordance with the provisions of current legislation."

Meanwhile, the SBP considers it prudent to warn the general public to protect their assets and about the importance of being widely informed, "before entering into contractual relationships with companies that make this type of offerings through dubious schemes."

It recommends ensuring that the companies with which they intend to enter into a contractual relationship have the authorization and licenses for the activity they promote, as the case may be.



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