Regulatory Alerts2022-01-01 | JPRF-F-2022-049Resolution No. JPRF-F-2022-049: Reforming the Standard for the Prevention, Detection, and Eradication of Money Laundering and Terrorist Financing in Popular and Solidarity Economy Financial Entities
The Financial Policy and Regulation Board of Ecuador issued Resolution No. JPRF-F-2022-049 to amend the regulatory framework for Popular and Solidarity Economy financial entities, aligning it with Financial Action Task Force (FATF) recommendations. The resolution updates definitions of risk profiles and alert signals, mandates enhanced due diligence for counterparties, and strengthens internal controls including the role of compliance officers and board oversight. These changes require entities to implement stricter identification procedures, risk-based monitoring, and reporting mechanisms to prevent money laundering and terrorist financing.
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