Regulatory Alerts2015-05-27 | JB-2015-3436Resolution No. JB-2015-3436 of the Banking Board of Ecuador
The Banking Board of Ecuador rejected the administrative review appeal filed by Remigio Moscoso Eljuri, General Manager of Sociedad Financiera del Austro S.A. FIDASA, regarding a US$ 1,500 fine imposed for non-compliance with operational risk management regulations. The Board confirmed the original sanction, ruling that the manager bears personal responsibility for the institution's failure to implement required security measures and operational risk norms despite multiple deadline extensions since 2005. The decision clarifies that the entity's lack of ATMs did not exempt it from the broader operational risk compliance obligations enforced by the Superintendency of Banks.
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