Regulatory Alerts2015-04-22 | JB-2015-3381Resolution No. JB-2015-3381 of the Banking Board
The Banking Board of Ecuador issued Resolution No. JB-2015-3381 to confirm the administrative act requiring Banco Pichincha C.A. to refund USD 2,251.00 to a customer for the unauthorized payment of a forged check. The Board determined that the bank failed to exercise due diligence by not identifying the obvious discrepancy between the customer's signature and the forged signature on the check. Consequently, the Board denied the bank's appeal and upheld the order for restitution based on the institution's procedural negligence.
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