In Ecuador, companies that are obligated under the Organic Law for the Prevention, Detection, and Combating of Money Laundering and Financing of Other Crimes are required to register their Compliance Officer (OC) within a 20-day window from receiving a notification from the National Directorate for the Prevention of Money Laundering. This reminder was issued by the Superintendency of Companies, Securities, and Insurance (SCVS) on February 11. The registration must be completed via the SCVS online portal, using the applicable number corresponding to each company’s RUC.

The SCVS detailed a specific schedule for companies to follow based on the last digit of their RUC, with different days allotted for each group: Monday for digits 0 and 1, Tuesday for 2 and 3, and continuing this pattern through Friday for numbers 8 and 9. This structured approach aims to manage the volume of registrations and streamline the process for compliance officers to be certified.

This initiative underscores Ecuador's continued commitment to combat money laundering and enhance financial transparency, aligning with international standards. Companies must ensure they adhere to these regulations promptly, as failure to register their compliance officer within the stipulated timeframe could lead to legal implications and penalties. The SCVS plays a critical role in monitoring compliance and implementing the legal framework necessary to deter financial crimes within the country.