This week’s announcement by the Supervisory Board of Banks about the company BY Asesores de Seguros is causing alarm among citizens about the risks of delivering money to unauthorized financial entities.

The supervision indicated that this type of entities that are not under the regulation or control of this organization can be natural and legal persons who want to illegally appropriate the money of Ecuadorians.

But this control body also reported how an entity of this type can be registered or reported. Therefore, if a person has information or has had an unusual experience with an unauthorized financial institution, they can basically report it to the authorities in two ways:

The Banking Supervisory Authority reported this week that BY Asesores de Seguros is not authorized to carry out activities reserved for the national financial system.

OD Asesores de Seguros is one of the unauthorized financial entities that would illegally collect money according to the Banking Supervisory Authority. Photo: Taken from social networks

The warning was published this Thursday, October 12, 2023, so that citizens should not believe the advertisements of natural and legal persons who are not under the control or authorization of this control body, and which could put them in danger.

Although the Supervisory Board does not have control over this type of entities, it makes sure that every month it presents a list of entities that could be risky, precisely for performing this type of work in violation of the law.

In the case of BY Asesores de Seguros, it represents a savings plan, an activity that is typical of duly accredited financial entities, not an insurer.

In accordance with the Financial and Monetary Code, natural or legal persons who are not part of the national financial system are prohibited from collecting funds from third parties or performing, on a regular basis, the financial activities defined in Article 143. reserved for entities that make up the specified system.

Nor may they advertise or use notices, posters, certificates, memoranda, headlines or any other means suggesting that the business of the above persons is of a financial nature. Violations of the provisions of this article will be sanctioned in accordance with the provisions of that Code.

So far this year, the Supervisory Board has discovered 56 unauthorized financial entities. This is the list: https://www.superbancos.gob.ec/bancos/listado-de-entidades-no-autorizados-a-operar-en-el-pais/.