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Anti-Money Laundering (AML) Regulations and Laws in Ecuador

Ecuador has implemented various regulations and laws to combat money laundering and terrorist financing. This article summarizes the key points of these requirements.

General Requirements

Implement AML policies and procedures: Financial institutions must establish and maintain effective Anti-Money Laundering (AML) policies and procedures.
KYC procedures are mandatory: All customers must undergo Know Your Customer (KYC) procedures to verify their identity and assess the risk associated with them.
Report suspicious transactions: Institutions must report all suspicious transactions to the relevant authorities, specifically the Unidad de Análisis Financiero (UAF).

Enhanced Due Diligence

Enhanced due diligence is required for:

Politically Exposed Persons (PEPs): Institutions must apply enhanced due diligence when dealing with individuals who hold or have held public office.
Correspondent banking relationships: Correspondent banks and financial institutions must conduct enhanced due diligence to ensure that they are not involved in illicit activities.
Non-face-to-face transactions and/or relationships: Enhanced due diligence is necessary for non-face-to-face transactions and relationships to prevent money laundering.

Reporting Requirements

Suspicious Activity Reports (SARs): Institutions must submit SARs to UAF if they suspect any suspicious activity.
Threshold reporting: Transactions performed within the financial system above certain thresholds (USD 5,000.00) must be reported to UAF.

Data Protection

Personal data is protected by the Ecuadorian Constitution. Additionally, sensitive data such as:

Religious beliefs
Health status

requires additional protection due to its sensitive nature.

Case Law and Constitutional Law

There are no specific case laws or constitutional laws that impact upon the transfer of information to Ecuador.