Regulatory Alerts2015-06-04 | JB-2015-3463Resolution No. JB-2015-3463 of the Banking Board of Ecuador
The Banking Board of Ecuador rejected the appeal filed by Banco Nacional de Fomento and partially confirmed the Regional Intendant's order to refund unauthorized ATM withdrawals. The Board determined that the bank failed to provide adequate security measures and monitor suspicious transaction patterns, thereby violating its obligation to safeguard client funds. Consequently, the bank is ordered to reimburse the client, Miguel Ángel Maldonado Pañora, the specific amount of USD 3,989.35 disputed in the complaint.
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