Regulatory Alerts2015-04-30 | JB-2015-3389Resolution JB-2015-3389 of the Banking Board of Ecuador
The Banking Board of Ecuador issued Resolution JB-2015-3389 to reject an appeal filed by the National Bank of Development regarding a regional order requiring the reimbursement of $3,300 stolen from a customer's account via cloned debit cards. The Board confirmed the validity of the regional decision, ruling that the bank's appeal against the reimbursement order was filed out of time and that the branch manager was the competent recipient for legal notifications. This decision finalizes the obligation for the bank to return the misappropriated funds to the victim.
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