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Banking Industry Continues to Change, Regulations for Electronic Banking Approved

Article Summary:

The Panama Superintendent of Banks announced changes to the legislation which regulates electronic banking. The agreement aims to strengthen risk management, safety in operations and corporate governance with respect to electronic banking, provide clearer rules to banks and raise security levels.

Original Article Text From La Estrella via Google Translate :

Panama Approves regulations for Development of Electronic Banking

The State Superintendent of Banks of Panama (SBP) has announced the approval of new legislation which provides guidelines on electronic banking and management services in the country. The institution pointed out, through a statement, which is an update the current legal framework, authorized by an agreement approved last December 6 in order to facilitate the electronic banking operations become more secure, transparent and efficient. 

The agreement aims to strengthen risk management, security operations and corporate governance with respect to electronic banking, the banks provide clear rules to raise security levels. It also includes definitions of terms and establishes the need for a unit of information security. The SBP reported introducing greater security controls at the level of technology infrastructure and electronic channel, with new measures for monitoring and reporting of security incidents reported in the banks. 

Link to Original Article:

From La Estrella

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