Regulatory Alerts2023-01-01 | JPRF-F-2023-067JPRF-F-2023-067 — Reforming regulations on the cancellation of current accounts and closure of savings accounts in the public and private financial sector
The Financial Policy and Regulation Board of Ecuador issued Resolution JPRF-F-2023-067 to amend regulations governing the cancellation of current accounts and closure of savings accounts in the public and private financial sectors. The reform empowers financial entities to immediately close accounts based on decisions by their Compliance Committees, provided there is a justified report from the Compliance Officer regarding anti-money laundering risks. This change aligns national regulations with international standards for risk management and the prevention of illicit financial activities.
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