Regulatory Alerts2022-04-08 | JPRF-S-2022-025Added · Updated
Resolution No. JPRF-S-2022-025: Reforming the Standards for Private Insurance System Institutions on Anti-Money Laundering, Terrorist Financing, and Other Crimes
The Financial Policy and Regulation Board of Ecuador issued Resolution No. JPRF-S-2022-025 to reform the regulatory framework for private insurance institutions regarding the prevention of money laundering, terrorist financing, and other crimes. This resolution replaces Chapter III of the Monetary, Financial, Securities, and Insurance Resolutions Codification, aligning national standards with the Financial Action Task Force (FATF) Recommendations and international best practices. It establishes updated definitions, risk-based methodologies, and compliance obligations for insurance and reinsurance companies under the supervision of the Superintendence of Companies, Securities, and Insurance.