ECUADOR Trends and Developments Contributed by: Félix Reyes, Lorena Barrazueta, Jorge Sicouret Zea and Karla Condo, Coronel & Pérez
its Spanish acronym), requires independently audited compliance programmes, and restricts cash transac - tions of USD10,000 or more. In addition, the AML Law significantly broadens the range of reporting entities. Beyond financial institu - tions, obligated parties now include money trans - port companies, construction and real estate firms, political organisations, non-profits, exchange houses, insurers, notaries, casinos, traders in precious metals and stones, and – under certain transactional circum - stances – lawyers and accountants. All must submit monthly reports to the UAFE within ten days after each month, confirming whether suspicious transactions were identified domestically or abroad. The AML Regulation operationalises the statute by detailing institutional coordination mechanisms, risk- based supervisory standards, compliance governance requirements, reporting procedures, and protocols for exceptional measures such as temporary fund immo - bilisation. It also positions the National Risk Assess - ment and Strategic Action Plan as key compliance reference frameworks for both authorities and regu - lated entities. Overall, the reform signals a shift towards more intensive, evidence-driven supervision and a broader regulatory perimeter. Businesses must implement structured AML/CFT compliance systems, strength - en customer due diligence and beneficial ownership verification, maintain traceable records and ensure timely reporting. Failure to comply – or the submis - sion of false information – may result in significant administrative fines, immobilisation of funds, and even criminal investigations where illicit origin is suspected, making early adaptation essential to mitigate legal, financial and reputational risk. New Antitrust Regulations In September 2025, the SCE issued its Guidelines on the Assessment of Economic Concentration Trans - actions (the “Guidelines”). The document does not replace, amend or supersede any existing legal or regulatory provisions in force. The purpose of the Guidelines is to provide economic operators with greater clarity and predictability regard -
ing the concepts, analytical criteria and procedural steps applied under the current legal framework in relation to economic concentration transactions. The Guidelines reflect the SCE’s present administra - tive practice in this area, as well as recognised inter - national best practice. Their publication is intended to enhance transparency for market participants by clarifying the factors that the SCE considers when reviewing concentration transactions. Codifying the relevant concepts and analytical principles not only facilitates access to information for undertakings but also reduces the risk of inconsistent or arbitrary deci - sion‑making by SCE officials. Data Protection Data protection has become an increasingly promi - nent area of regulatory focus within the country. In July 2025, the authorities issued the General Regulation for the Application of the Organic Law on Personal Data Protection and its Implementing Regulation in respect of National and International Transfers or Communications of Personal Data. This Regulation clarified that the provisions contained in Chapter V of the Organic Law on Personal Data Protection – relating to the transfer or disclosure of, or third‑party access to, personal data – apply equally to domestic and international data movements. Acquisition transactions frequently involve both Ecua - dorian and foreign entities. As a result, such trans - actions – particularly during the due diligence phase – may entail the transfer of, or access to, information belonging to the target company. Companies typically hold a wide range of personal data in their internal systems, including information relating to employees, directors, legal representatives, suppliers and cus - tomers. It is therefore essential that both the parties disclosing such information and the parties receiving it are fully aware of their respective obligations under the applicable data protection legislation. Mining Mining remained relevant for Ecuador deal making in 2025. In terms of execution, transactions continued to be commonly structured as share acquisitions of local concession-holding companies rather than direct con - cession transfers, reflecting transactional efficiency
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