The recent legal reforms affecting the corporate sector in Ecuador are set forth in Resolution No. SCVS-INC-DNCDN-2024-0006, whose main objective is to strengthen risk control and management mechanisms in companies engaged in accounting activities, factoring, vehicle marketing, among others.
One of the most important implications of these reforms is the introduction of the obligation for companies that provide accounting services to implement a Money Laundering Risk Prevention and Management System, under a Risk Based Approach (RBA). It also establishes the figure of the Compliance Officer, whose appointment and functions are essential to ensure regulatory compliance.
Risk management and assessment, as well as annual reporting by the compliance officer and confidentiality of information, are key aspects highlighted in these reforms. The aim is to promote transparency and integrity in the financial operations of the companies subject to these regulations, in order to prevent illicit activities in the business environment.
It is crucial to highlight the role of the Superintendence of Companies, Securities and Insurance in the control and surveillance of national companies. This entity is empowered to carry out on-site or off-site inspections, record observations and apply sanctions in case of non-compliance. Therefore, oversight and regulatory compliance are essential elements in preventing illegal activities in the corporate environment.
We urge all national companies to comply with the regulations established by the Superintendency of Companies, report relevant information and face the corresponding sanctions in case of non-compliance. Failure to comply with these provisions may have negative consequences on the reputation and operations of the companies. In summary, the reforms seek to strengthen prevention and control mechanisms in the corporate sector to combat money laundering, financing of terrorism and other crimes in Ecuador.
Under these reforms, several reporting parties are identified, among them traders and dealers in jewelry, precious metals and stones, investment and real estate brokerage companies, and legal entities that include accounting services in their economic activities. All these subjects have the responsibility to comply with the provisions established to effectively contribute to the prevention of illegal activities in the business environment.
Contact
- E-mail: gvallejo@iurenovum.com
- Phone: +593 98 737 2238
- WhatsApp: https://wa.link/rcvoia
- LinkedIn: https://www.linkedin.com/in/andreavallejobarreno/
