Regulatory Alerts2022-01-01 | JPRF-S-2022-039Resolution No. JPRF-S-2022-039 — Reforming the Standards for Insurance Companies and Reinsurance Companies on Anti-Money Laundering, Terrorist Financing, and Other Crimes
The Financial Policy and Regulation Board of Ecuador issued Resolution No. JPRF-S-2022-039 to amend specific provisions within the regulatory framework for insurance and reinsurance companies regarding anti-money laundering and terrorist financing prevention. The resolution modifies the experience requirements for deputy compliance officers, updates the acceptable formats for compliance forms, and changes the frequency of internal audit reports from quarterly to annual. Additionally, it grants the Superintendency of Companies, Securities and Insurance the authority to approve a six-month extension for obligated entities unable to meet the initial implementation deadline.
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