Ecuador: Banks required to report cash withdrawals of $5,000 and above

Posted on June 4, 2015 • Filed under: Business, Crime, Ecuador

ECUAVISA.COM REPORTED….Private financial institutions must inform the Superintendency of Banks on withdrawals from savings of $ 5,000 on, for individuals. As indicated by the Superintendent of Banks, Christian Cruz, it is part of a regular process of monitoring and control to prevent crimes. “It is only for cash transactions if you make a deposit check of $ 10,000 following the above procedure, at this time we ask is cash transaction information. We have been working with this, it is not new, what we had is the monthly form, “he said. In this regard, he reported that identified a person who moved more than $ 4 million in cash, withdrawing from a financial institution and even had RUC, ie “identify such cases because it takes what is laundering prevention of assets and illicit enrichment. ” Read Article


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