Regulatory Alerts2015-06-24 | JB-2015-3502Resolution No. JB-2015-3502 of the Banking Board
The Banking Board of Ecuador issued Resolution No. JB-2015-3502 to confirm the administrative act requiring Banco Pichincha C.A. to reimburse client Mónica Evelyn Sánchez Zalamea USD 80.50 for an unauthorized ATM withdrawal. The Board rejected the bank's appeal, ruling that the institution failed to provide adequate security measures and video evidence for the transaction, thereby violating consumer protection standards. This decision reinforces the bank's liability for losses occurring through third-party ATMs connected to its network due to insufficient monitoring and security protocols.
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