Regulatory Alerts2015-06-04 | JB-2015-3467Banking Board Resolution JB-2015-3467
The Banking Board of Ecuador rejected the appeal filed by Banco Nacional de Fomento regarding unauthorized ATM withdrawals from a customer's account. The Board confirmed the lower authority's decision, ruling that the bank failed to implement adequate security monitoring and 'Know Your Customer' procedures, thereby assuming liability for the fraud. Consequently, the bank is ordered to reimburse the customer USD 2,231.85 for the disputed transactions.
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