Regulatory Alerts2022-01-01 | JPRM-2022-018-MJPRM-2022-018-M — Reforming the Regulation on Opening Current Accounts
The Monetary and Financial Policy Board (JPRM) of Ecuador issued Resolution JPRM-2022-018-M to amend the transitional provisions of its previous regulation regarding the opening of current accounts at the Central Bank of Ecuador. The resolution extends the deadline for unauthorized entities holding such accounts to close them from six months to July 31, 2023, ensuring compliance with current legal standards. Failure to close these accounts by the new deadline will result in the Central Bank categorizing them as immobilized and requiring the transfer of funds to a designated national financial system account.
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