Regulatory Alerts2015-04-22 | JB-2015-3367Resolution No. JB-2015-3367 of the Banking Board of Ecuador
The Banking Board of Ecuador annulled a previous directive that had ordered Banco Internacional S.A. to refund fines to a customer, ruling instead that the bank correctly protested checks due to the account holder's unauthorized signature status. The Board determined that the customer was aware of the signature ineligibility and that the bank's failure to provide written notification did not invalidate the legal sanctions for issuing checks without sufficient funds or authorization. Consequently, the Board accepted the bank's appeal and upheld the enforcement of the 10% fine on the protested checks.
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