Regulatory Alerts2015-04-30 | JB-2015-3384Resolution No. JB-2015-3384 of the Banking Board of Ecuador
The Banking Board of Ecuador issued Resolution No. JB-2015-3384 to reject the review appeal filed by Banco Pichincha C.A. regarding a fine imposed on its legal representative, Simón Acosta Espinosa. The Board confirmed the original administrative act which levied a USD 131.44 penalty for an error in the protest of check No. 395, ruling that the bank failed to adequately manage its operational risks. This decision upholds the fine despite the bank's argument that the incident constituted force majeure.
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