Regulatory Alerts2015-06-17 | JB-2015-3493Resolution No. JB-2015-3493 of the Banking Board
The Banking Board of Ecuador issued Resolution No. JB-2015-3493 to reject the appeal filed by Banco de Guayaquil S.A. and confirm the administrative order requiring the restitution of US$390.00 to a customer. The Board determined that the bank failed to implement adequate physical and technological security controls, allowing unauthorized withdrawals that exceeded daily limits without alerting the client. This decision upholds the finding that the bank's procedural errors caused economic harm to the user and violated consumer protection regulations.
Share