乐鱼(Leyu)体育官网

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Panama: Clarification on GIIN limitations for classifying account holders as financial institutions

GIIN alone is insufficient to determine an account holder's status as a financial institution under CRS

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May 14, 2025

The Panama tax authority in May 2025 issued an announcement to clarify to all Panamanian reporting financial institutions that a Global Intermediary Identification Number (GIIN) alone is insufficient to conclusively determine an account holder's status as a financial institution under the common reporting standard (CRS) regime.

The announcement also reminds reporting financial institutions of their obligations under the CRS to identify and report accounts that qualify as reportable among the financial accounts they manage, including their account holders and, if applicable, controlling persons. Financial institutions must follow proper due diligence procedures and collect all necessary information for each reportable account.

Read a May 2025 report prepared by the 乐鱼(Leyu)体育官网 member firm in Panama

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