Regulatory Alerts2015-05-27 | JB-2015-3442Resolution No. JB-2015-3442 of the Banking Board
The Banking Board of Ecuador issued Resolution No. JB-2015-3442 to reject the administrative review appeal filed by the National Bank of Development regarding unauthorized debit card transactions. The Board confirmed the lower authority's decision holding the bank liable for USD 200.00 in unauthorized withdrawals caused by security failures in the interbank ATM network. The ruling mandates the bank to refund the customer and establishes that financial institutions are responsible for implementing adequate security measures in their distribution channels.
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