Regulatory Alerts2023-09-11 | JPRF-F-2023-076Added · Updated
JPRF-F-2023-076 — Regulation of Financial Technology Service Entities: Definitions, AML/CFT Risk Management, and Digital Credit Lending Entities
The Financial Policy and Regulation Board of Ecuador issued Resolution JPRF-F-2023-076 to establish the regulatory framework for Financial Technology Service Entities, with specific provisions for Digital Credit Lending Entities. The resolution mandates a minimum paid-in capital of USD 200,000 for digital credit lenders and requires the appointment of compliance officers to manage Anti-Money Laundering and Counter-Terrorist Financing risks. It further defines key technological and operational terms while setting a six-month implementation period for AML/CFT norms following qualification by the Superintendency of Banks.