Ecuador’s Internal Revenue Service introduced revised automatic exchange of financial account information requirements, including new provisions covering electronic money products and central bank digital currencies, from 1 November 2026.
Ecuador’s Internal Revenue Service (SRI) has updated the rules governing the automatic exchange of financial account information under the OECD Common Reporting Standard (CRS), approving a revised non-resident financial accounts annex (Anexo CRS).
Resolution No. NAC-DGERCGC26-00000038 issued on 30 October 2026 and published in the Official Gazette on 4 November 2026, repealed Resolution No. NAC-DGERCGC23-00000031 and its amendments. The revised framework incorporates the 2023 CRS amendments and introduces provisions addressing specified electronic money products, central bank digital currencies (CBDCs) and relevant crypto assets, with references to the OECD Crypto-Asset Reporting Framework (CARF) for interpretative purposes.
Reporting financial institutions
The reporting obligations apply to financial institutions established in Ecuador and branches of foreign companies operating in the country. Covered institutions include Custodial Institutions, Depository Institutions, Investment Entities and Specified Insurance Companies.
Depository Institutions also encompass entities offering Specified E-Money Products and Central Bank Digital Currencies. Certain entities, including governmental bodies, international organisations, central banks and qualified pension funds, are classified as non-reporting financial institutions, subject to the applicable conditions.
Reportable and excluded accounts
Financial institutions must identify accounts held by non-resident individuals and entities, as well as accounts maintained by Passive Non-Financial Entities (NFEs) with controlling persons who are non-residents for tax purposes.
The rules distinguish between Preexisting Accounts and New Accounts. Under the 2023 CRS amendments, accounts maintained as of 31 October 2026 fall within the transitional arrangements, while accounts opened from 1 November 2026 are treated as New Accounts.
Certain accounts are excluded from reporting, including qualifying retirement and pension accounts, real estate escrow accounts, court-ordered accounts, specified credit card overpayments and certain low-value electronic money accounts. Dormant accounts with balances not exceeding USD 1,000 are also excluded, subject to the prescribed conditions.
Information and due diligence requirements
Reporting financial institutions must submit account holders’ identification details, jurisdictions of tax residence and tax identification numbers, together with account balances and relevant financial income.
The Anexo CRS must also contain account numbers, account types, account status and closure dates, where applicable. Financial information includes year-end account balances or values, gross interest, dividends and sales or redemption proceeds, depending on the account classification.
Institutions must conduct due diligence procedures to identify reportable accounts and controlling persons. These include reviewing residence information and searching for foreign indicia in individual accounts, as well as obtaining and validating self-certifications for New Accounts.
Additional enhanced review procedures apply to High-Value Accounts exceeding USD 1 million. Preexisting entity accounts exceeding USD 250,000 are also subject to review requirements.
Filing deadlines and record retention
The Anexo CRS must be submitted annually through the SRI online portal in May of the year following the reporting period. Filing deadlines fall between 10 and 28 May, depending on the ninth digit of the taxpayer identification number (RUC).
Institutions with no reportable accounts must also submit a zero return (Anexo CRS en cero). Financial institutions must retain supporting due diligence documentation for seven years from the submission date.
The framework also establishes filing obligations for institutions ceasing operations or entering liquidation, including requirements to submit the relevant annex before cancelling their RUC, where applicable.
The revised provisions implementing the 2023 CRS amendments apply from 1 November 2026. Transitional rules addressed accounts maintained as of 31 October 2026, including reporting information concerning controlling persons and equity interest holders.
