Countries › Panama › Guide › 13. Regulation › Regulatory compliance essentials in Panama: who enforces what, key thresholds and deadlines

Regulatory compliance essentials in Panama: who enforces what, key thresholds and deadlines

Last verified: 2026-10-29 · Status: Changing

Five regimes apply to almost every business in Panama: competition and consumer protection (ACODECO, Ley 45 de 2007), personal data (ANTAI, Ley 81 de 2019), anti money laundering (UAF and sector supervisors, Ley 23 de 2015), anti corruption (Penal Code) and environmental impact assessment (MiAmbiente, Ley 41 de 1998). This page lists the numbers and deadlines that matter most, each linked to the detailed page.

Panama's currency, the balboa (B/.), is at par with the US dollar, which circulates as legal tender; the Superintendencia de Bancos states that the balboa's value is on a par with the US dollar (checked 29 October 2026). USD figures therefore equal the balboa figures.

Key facts

Competition and consumer authority	ACODECO (Autoridad de Protección al Consumidor y Defensa de la Competencia) textLey 45 de 2007 art. 84, as of 2026-10-29 · in force
Merger notification regime	Voluntary textLey 45 de 2007 art. 23, as of 2026-10-29 · in force
Breach notification deadline	72 hoursDecreto Ejecutivo 285 de 2021 art. 37, as of 2026-10-29 · in force
Cash transaction report threshold	10000 PABLey 23 de 2015 art. 53, as of 2026-10-29 · in force
Maximum generic AML fine	5000000 PABLey 23 de 2015 art. 60 per Ley 254 de 2021, as of 2026-10-29 · in force

The rule

1. Ley 45 applies to all economic agents, private or State, and to acts that have effects in Panama wherever they are concluded.Ley 45 de 31 de octubre de 2007, art. 2, 2007-10-31 official text · verified 2026-10-29

2. ACODECO is the authority for consumer protection and competition; it may suspend acts provisionally and must then sue within five business days.Ley 45 de 2007, arts. 84 and 105, 2007-10-31 official text · verified 2026-10-29

3. Merger notification to ACODECO is voluntary, with a 60 calendar day deemed approval; unnotified deals can be challenged for three years.Ley 45 de 2007, arts. 23, 25 and 110, 2007-10-31 official text · verified 2026-10-29

4. Personal data processing in Panama needs a legal basis and is supervised by ANTAI; breaches must be notified within 72 hours.Ley 81 de 2019; Decreto Ejecutivo 285 de 2021, Ley 81 arts. 6 and 7; DE 285 art. 37, 2021-05-28 official text · verified 2026-10-29

5. Reporting entities must file cash transaction reports at B/.10,000 and suspicious transaction reports within 15 calendar days; generic fines run from B/.5,000 to B/.5,000,000.Ley 23 de 2015 as amended by Ley 254 de 2021, arts. 53, 54 and 60, 2021-11-11 official text · verified 2026-10-29

6. Legal persons used or created to commit a crime and benefiting from it face fines of at least B/.5,000 up to double the harm or benefit, public contracting bans and dissolution.Código Penal (Texto Único 2010), art. 51, 2010-04-26 official text · verified 2026-10-29

7. Projects that may create environmental risk need an approved environmental impact study before execution.Texto Único de la Ley 41 de 1998, art. 7, 2016-10-04 official text · verified 2026-10-29

8. New consumer price rules (tax inclusive display and three month reference prices for sales) take effect on 1 July 2027.Ley 531 de 18 de junio de 2026, art. 1, 2026-06-18 official text · verified 2026-10-29 · changed: Ley 531 de 2026 postponed Ley 473 de 2025 from June 2026 to 1 July 2027.

Area	Authority	Main norm	Key number
Mergers	ACODECO	Ley 45 de 2007 arts. 21 to 29, 110	Voluntary; 60 day deemed approval; 3 year challenge window
Cartels and abuse	ACODECO and courts	Ley 45 de 2007 arts. 12 to 19, 104	Fines up to B/.1,000,000 and B/.250,000; treble damages
Consumers	ACODECO	Ley 45 de 2007 arts. 35 to 81, 104, 115	Fines up to B/.25,000 (B/.50,000 health); claims up to B/.5,000
Personal data	ANTAI	Ley 81 de 2019; DE 285 de 2021	72 hour breach notice
AML	UAF plus the banking, insurance and securities superintendencies and the Superintendencia de Sujetos no Financieros	Ley 23 de 2015; Ley 124 de 2020; Ley 254 de 2021	B/.10,000 cash reports; 15 day STRs; fines B/.5,000 to B/.5,000,000
Anti corruption	Ministerio Público and courts	Código Penal arts. 51, 345 to 354	Foreign bribery 5 to 8 years; corporate fine from B/.5,000
Environment	MiAmbiente	Texto Único Ley 41 de 1998; DE 1 de 2023	Study approved before works; 10 year civil claims
Industrial property	DIGERPI	Ley 35 de 1996; Ley 61 de 2012	Marks 10 years, B/.100 per class; patents 20 years

Regulation at a glance (balboa figures equal US dollars).

Worked example

A foreign retailer opening stores in Panama will typically: decide on a voluntary ACODECO filing if it buys a local chain, prepare tax inclusive price displays for July 2027, map customer databases under Ley 81, register as a reporting entity only if it falls in a listed activity (for example car sales or free zone operations), adopt an anti bribery policy for permits and customs, and obtain environmental approval for any new building that is on the regulation's list.

Step by step

Run the checklist in the table for every new business line in Panama.
Assign an owner for each regime and diarise the deadlines: 60 days (mergers), 72 hours (data breaches), 15 days (STRs).
Review this page with the start section reform tracker each quarter.

Common traps

Several regimes reach conduct abroad: Ley 45 covers acts with effects in Panama, and Ley 81 covers controllers domiciled in Panama.
Supervisors differ by activity: a group may answer to several AML supervisors at once.

Sources

← Medicinal cannabis in Panama under Ley 242 de 2021: manufacturing and research licences, the B/.150,000 fee and cultivation permitsMerger control in Panama: voluntary ACODECO verification, 60 day deemed approval and the three year challenge window →

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