Regulatory Alerts2015-07-01 | JB-2015-3508Resolution No. JB-2015-3508 of the Banking Board of Ecuador
The Banking Board of Ecuador issued Resolution JB-2015-3508 to reject the administrative appeal filed by Banco Pichincha C.A. regarding a previous order to refund funds to a customer. The Board confirmed that the Superintendence of Banks and Insurance has the legal authority to mandate the return of values when a complaint arises from incorrect institutional procedures that cause economic harm. The decision upheld the requirement for Banco Pichincha to return USD 5,400 after finding the bank failed to follow its own withdrawal protocols, specifically regarding signature verification and supervisor confirmation.
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