Regulatory Alerts2015-04-01 | JB-2015-3330Resolution No. JB-2015-3330 of the Banking Board of Ecuador
The Banking Board of Ecuador issued Resolution No. JB-2015-3330 to reject the administrative review appeal filed by Banco Pichincha C.A. regarding a regional order mandating the restitution of US$500 withdrawn without authorization. The Board confirmed that the bank failed to preserve mandatory video surveillance evidence, thereby preventing the verification of whether the transaction was conducted by the account holder or involved fraud. Consequently, the resolution upheld the requirement for Banco Pichincha C.A. to refund the disputed amount to the customer, Bolívar Edison Vera Zambrano.
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