Regulatory Alerts2015-06-10 | JB-2015-3478Resolution No. JB-2015-3478 of the Banking Board of Ecuador
The Banking Board of Ecuador issued Resolution No. JB-2015-3478 to confirm the rejection of a review appeal filed by Banco Pichincha C.A. regarding an administrative order requiring the restitution of USD 600.00 to a customer whose check was paid with a forged signature. The Board determined that the bank failed to exercise due diligence by not identifying the obvious discrepancy between the check's signature and the registered signature, thereby violating regulatory obligations to verify checks prior to payment.
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