Client Policy
In order to comply with banking regulations in Panama , and the Bahamas, MMG Bank applies strong due diligence policies. These include requests for:
- Proper identification of beneficial owners
- Banking and commercial references
- Proof of origin of funds
- Purpose of establishment of account
- Expected transaction volume
All this information is documented and verified before accounts are opened. However, given that most clients normally have prior relationships with the Morgan & Morgan Group, verification and account opening process is usually expedient.
While we accept accounts for properly structured trusts and foundations, regulations require that account holders own all funds credited to accounts. Accounts for the receipt and management of third party funds by financial intermediaries are generally not accepted.
MMG Bank, and its subsidiary, MMG Bank & Trust are also both Qualified Intermediaries for IRS purposes. This allows us to maintain the confidentiality of our non-US clients in the accounts we operate with our US Custodians. However, our QI agreement also requires that US based customers information be disclosed, and as consequence our bank policy is not to provide securities custody service to customers deem to be US persons for tax purposes. US based clients who sign a US Person waiver of confidentiality may, however, establish and operate current account, time deposit, or use other banking services.
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