Regulatory Alerts2015-04-15 | JB-2015-3365Resolution No. JB-2015-3365 of the Banking Board
The Banking Board of Ecuador issued Resolution No. JB-2015-3365 to confirm the rejection of a review appeal filed by Banco Pichincha C.A. regarding an administrative order requiring the bank to refund USD 90.50 to a customer for an unauthorized ATM withdrawal. The Board ruled that the bank failed to implement adequate security measures, such as video surveillance, to prevent fraud and protect consumer funds, thereby bearing responsibility for the loss. Consequently, the resolution denies the bank's request for reconsideration and upholds the mandate for restitution.
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