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Requirements to Become a Compliance Officer in Ecuador

·Regional
Requisitos para ser oficial de cumplimiento en Ecuador

The requirements to become a Compliance Officer in Ecuador vary according to the type of obligated entity, the supervisory body and the economic sector involved. It is also important to bear in mind that the Compliance Officer is the suitable, qualified individual responsible for overseeing the proper implementation and functioning of the Risk Prevention System. They are also responsible for ensuring that the policies, controls and procedures needed to prevent money laundering, terrorist financing and other offences are implemented and observed, and for verifying that the existing rules on the matter are applied.

Corporate sector

This sector is regulated by the Superintendence of Companies, Securities and Insurance and comprises legal entities engaged in any activity classified as an obligated entity, including among others: vehicle trading, property construction, real estate activities, jewellery trading and mining. The requirements are as follows:

  1. Have an employment relationship (as an employee) or a direct contractual relationship with the appointing company (signing a professional services contract between the compliance officer and the obligated entity).

  2. Be in full enjoyment of their civil rights.

  3. Be of legal age.

  4. Pass the online training course provided by the UAFE, entitled "Training prior to qualification as principal/alternate compliance officer".

  5. Hold a bachelor's degree in economics, business engineering, business or quality management, administration, finance, statistics, auditing, certified public accountancy or related fields. Failing that, have at least one year's experience as a compliance officer and have been registered with the UAFE, submitting the relevant documents for verification.

  6. Attach an authentic or certified copy of the minutes of the general meeting of partners or shareholders, the shareholders' meeting or the competent statutory administrative body that appointed them as compliance officer.

  7. Submit the certificate of homonyms and of persons with a criminal conviction, issued by the Financial and Economic Analysis Unit (UAFE) or by the body delegated to issue it.

  8. Foreign nationals resident in Ecuador must submit a notarised copy of the valid work visa in their passport.

  9. A simple sworn statement of not having been removed as compliance officer by any supervisory body or by the UAFE.

Source: Resolution SCVS-INC-DNCDN-2023-002, Superintendence of Companies, Securities and Insurance.

Banks

Public and private financial institutions are regulated by the Superintendence of Banks, and the requirements to become a compliance officer are:

  1. Hold at least a bachelor's degree registered in Ecuador's National Higher Education Information System (SNIESE) in law, economics, business administration, accountancy, auditing or fields related to banking and finance. Those without that professional qualification must evidence equivalent experience of at least six (6) years in technical or operational areas of an entity in the financial sectors supervised by the Superintendence of Banks, of which at least two (2) years must be in money laundering.

  2. Evidence at least two (2) years' experience in preventing money laundering and the financing of crimes such as terrorism, in entities of the financial system supervised by the Superintendence of Banks and/or within that supervisory body itself.

  3. Have passed the training course prior to qualification as compliance officer given by the Financial and Economic Analysis Unit (UAFE) or its legal successor; and have at least one hundred and twenty (120) hours of training in money laundering prevention courses, given in Ecuador or abroad.

  4. A certificate issued by the Financial and Economic Analysis Unit, or its successor, confirming they do not appear in the database of persons with a pending criminal conviction.

  5. A certified copy of the full minutes of the board, or equivalent body, appointing the compliance officer as principal and/or alternate for the obligated entity.

  6. A sworn statement of not being subject to the disqualifications and impediments set out in the rules.

Source: Book I, Title XVII, Chapter V: CONTROL RULE FOR THE QUALIFICATION OF COMPLIANCE OFFICERS OF ENTITIES SUPERVISED BY THE SUPERINTENDENCE OF BANKS.

Savings and credit cooperatives, central savings banks and mutual societies

These institutions are regulated by the Superintendence of Popular and Solidarity Economy, and the requirements are:

  1. Submit the application for qualification in the form determined by the Superintendence of Popular and Solidarity Economy.

  2. For those serving entities in segments 1 and 2, mutual savings and credit associations for housing, central savings banks and the Corporation:

    1. A bachelor's degree registered with the National Secretariat of Science, Technology and Innovation (SENESCYT) in law, economics, business administration, accountancy, auditing or fields related to banking and finance.

    2. Evidenced experience of at least two (2) years in preventing money laundering and the financing of crimes in entities of the national financial system. Individuals without a professional qualification must evidence at least two (2) years' experience in technical or operational areas of entities of the national financial system, plus two (2) years in preventing money laundering and the financing of crimes.

  3. For those serving entities in segment 3:

    1. A bachelor's degree registered with SENESCYT in law, economics, business administration, accountancy, auditing or fields related to banking and finance.

    2. Evidenced experience of at least one (1) year in preventing money laundering and the financing of crimes in entities of the national financial system. Individuals without a professional qualification must evidence at least two (2) years' experience in technical or operational areas of entities of the national financial system, plus one (1) year in preventing money laundering and the financing of crimes.

  4. For those serving entities in segments 4 and 5, one (1) year's experience in preventing money laundering and the financing of crimes must be evidenced.

  5. In every case, applicants must have completed training courses on preventing money laundering and terrorist financing risk, of a minimum duration of:

    1. Ninety (90) hours in courses, seminars or events given in Ecuador or abroad, for entities in segments 1 and 2, mutual savings and credit associations for housing, central savings banks and the Corporation; or

    2. Thirty (30) hours in courses, seminars or events given in Ecuador or abroad, for entities in segments 3, 4 and 5. Documents evidencing training hours completed abroad must be authenticated or apostilled and, where applicable, registered in accordance with the law.

  6. Submit a certificate issued by the Financial and Economic Analysis Unit (UAFE), or its successor, confirming they do not appear in the database of persons with a pending criminal conviction.

  7. Submit a responsible declaration made before a notary public stating that they are not subject to the impediments set out in the resolution; that they meet the requirements established in the rules and hold the documentation evidencing this; that the information reported is true and consistent; and that they understand that, should the contrary be established, the procedure and its outcome may be refused or shelved and the documents issued will be void, without prejudice to the penalties and liabilities laid down by law.

Source: Resolution No. SEPS-IGT-INR-INGINT-2021-0038, Superintendence of Popular and Solidarity Economy.

Securities market

  1. Be in full enjoyment of their civil rights.

  2. Hold a bachelor's degree in law, economics, business administration, business management, certified public accountancy, statistics, auditing or fields related to banking, finance and insurance; and have five (5) years' professional experience working in the financial, insurance or securities sectors.

  3. Evidence 90 hours of training in matters related to the role.

  4. Pass the online training course provided by the Financial and Economic Analysis Unit (UAFE), entitled "Training prior to qualification as principal/alternate compliance officer", or whichever course that unit or the Superintendence of Companies, Securities and Insurance determines.

  5. Not appear in the databases of indicted persons issued by the UAFE.

  6. Have no legal impediment to holding the role.

Source: Resolution No. JPRF-V-2022-024, Financial Policy and Regulation Board.

Insurance and reinsurance

  1. Be in full enjoyment of their civil rights.

  2. Hold a bachelor's degree in law, economics, business administration, business management, certified public accountancy, statistics, auditing or fields related to banking, finance and insurance; and have five (5) years' professional experience working at an insurance company, reinsurance company or insurance intermediary. The alternate compliance officer must meet the same profile as the principal, except that their experience must be at least two (2) years.

  3. Evidence ninety (90) hours of training in matters related to the role.

  4. Pass the online training course provided by the Financial and Economic Analysis Unit (UAFE), entitled "Training prior to qualification as principal/alternate compliance officer", or whichever course that unit or the Superintendence of Companies, Securities and Insurance determines.

  5. Not appear in the databases of indicted persons issued by the UAFE.

  6. Have no legal impediment to holding the role.
    Source: Resolution No. JPRF-S-2022-025, Financial Policy and Regulation Board.

Individuals and legal entities without a supervisory body

  1. This group includes civil partnerships, associations, corporations, consortia, legal entities and other legal structures without a supervisory body, which must meet the following requirements:

    1. Be in full enjoyment of their civil and political rights.

    2. Be of legal age.

    3. Evidence a bachelor's or master's degree in law, economics, business administration, accountancy, auditing, fields related to banking or finance, and/or risk in money laundering prevention. Applicants without a professional qualification may qualify by evidencing at least two years' working experience in risk management for money laundering prevention.

    4. Pass the training determined for this purpose by the UAFE.

    Legal entities may not register their legal representative as compliance officer.

    An obligated entity that is an individual may act as their own compliance officer and, to apply for qualification, must not hold that role at any other obligated entity. They must also meet the requirements set out above, except for the professional qualification; even so, they may appoint another person as their compliance officer if they so choose.

    Source: RESOLUTION No. UAFE-DG-2023-0689.

Passing the UAFE course prior to qualification as principal or alternate Compliance Officer is mandatory for every sector. In addition, applicants must obtain a certificate from the UAFE confirming they do not appear in the database of persons with a criminal conviction. Finally, a person may not act as compliance officer for more than one obligated entity, unless they belong to the same business group.

At Líderes Empresariales APLA we specialise in training and advising compliance officers, and in implementing money laundering, terrorist financing and proliferation financing prevention rules for the various obligated entities. If you need help, do get in touch.

If you are preparing for your qualification, our compliance officer training programme covers the syllabus the regulator requires.