Regulatory Alerts2023-01-01 | JPRF-F-2023-088Resolution JPRF-F-2023-088: Reform of the Basic Account Standard for Savings and Credit Cooperatives and Mutual Housing Savings Associations to Strengthen Financial Inclusion
The Financial Policy and Regulation Board of Ecuador issued Resolution JPRF-F-2023-088 to reform the Basic Account Standard for Savings and Credit Cooperatives and Mutual Housing Savings Associations, aiming to strengthen financial inclusion for natural persons, particularly government transfer recipients and migrants. The resolution eliminates the limit on the number of basic accounts a person can hold, increases transaction and balance limits, and mandates that these accounts earn interest. It also simplifies identity documentation requirements for migrants and implements a simplified anti-money laundering regime based on net risk to facilitate access to financial services.
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