Regulatory Alerts2015-04-22 | JB-2015-3372Resolution No. JB-2015-3372 of the Banking Board
The Banking Board of Ecuador issued Resolution No. JB-2015-3372 to reject the appeal filed by Banco Pichincha C.A. regarding a customer complaint about an unauthorized ATM withdrawal. The Board confirmed the lower authority's decision requiring the bank to refund USD 80.50 to the customer, citing the bank's failure to provide security video evidence and its responsibility for ensuring the safety of interbank ATM transactions. This ruling reinforces the obligation of financial institutions to maintain adequate security measures and provide transparent information regarding risks associated with electronic banking channels.
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