Regulatory Alerts2015-06-17 | JB-2015-3489Resolution No. JB-2015-3489 of the Banking Board of Ecuador
The Banking Board of Ecuador rejected the appeal filed by Banco Internacional S.A. and confirmed the Regional Intendancy's order to cancel a USD 6,079.84 debt resulting from unauthorized credit card transactions. The Board determined that the bank failed to ensure affiliated merchants complied with mandatory identity verification and signature validation procedures required by financial regulations. Consequently, the bank was ordered to refund the disputed amounts and remove negative credit reporting associated with the fraudulent charges.
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