Regulatory Alerts2023-01-01 | JPRF-F-2023-089Resolution JPRF-F-2023-089: Reforming the Regulation on Checking Deposits via Basic Accounts to Strengthen Financial Inclusion
The Financial Policy and Regulation Board of Ecuador issued Resolution JPRF-F-2023-089 to reform regulations governing basic bank accounts, aiming to strengthen financial inclusion for natural persons, particularly migrants and recipients of government transfers. The resolution eliminates the limit on the number of basic accounts per person, increases transaction and balance limits, and simplifies identity documentation requirements for migrants to facilitate account opening. Additionally, it introduces simplified anti-money laundering controls and mandates the Banking Superintendence to implement training and statistical reporting for these accounts.
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