Financial institutions will have to create internal rules to mitigate money laundering
7 septiembre 2018

On Tuesday, August 4th, the Superintendency of Companies, Securities and Insurance, through Resolution SCVS-DSC-2018-0029, established that financial institutions operating in Ecuador must create internal manuals to mitigate crimes of money laundering and financing of terrorism. The measure, which entered into force since that day, also obliges private entities to report suspicious transactions to the regulatory entity.

According to the resolution, the institutions must have control policies and procedures to prevent this type of crime contemplated in the Organic Law on Prevention, Detection and Laundering of Assets. In this regard, they must develop internal manuals establishing protocols for action on suspicious transactions, which must be certified before the Superintendency of Companies. In addition, the boards of directors of financial companies must communicate these operations and share all information that the regulatory bodies request.

It also obliges companies to create a figure specialized in the matter, who is in permanent contact with the Superintendency. This will facilitate the response capacity of the company and the regulator. It also empowers the Superintendency to conduct on-site inspections of any financial company that has reported such an incident and, when necessary, to proceed ex officio.


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