Regulatory Alerts2015-05-13 | JB-2015-3420Banking Board Resolution JB-2015-3420
The Banking Board of Ecuador rejected the administrative appeal filed by Banco Pichincha C.A. regarding a $500 fine imposed on its Deputy President for paying checks with only one signature instead of the required joint signatures. The Board confirmed that the bank violated the account opening contract and relevant financial regulations by failing to verify that both account holders signed the checks before processing payments. Consequently, the previous resolutions upholding the sanction for procedural incorrectness and failure to comply with contractual terms were affirmed.
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