Regulatory Alerts2015-08-05 | JB-2015-3524Banking Board Resolution JB-2015-3524
The Banking Board of Ecuador issued Resolution JB-2015-3524, rejecting Mr. Fredy Roberto Hidalgo Cajo's review appeal and confirming the denial of his claim against Banco Pichincha C.A. The Board determined that the bank's electronic banking procedures were correct, as the client successfully entered his user credentials, biometric password, OTP, and e-key coordinate to authorize a USD 4,885.23 transfer, thereby fulfilling his obligation to safeguard his access keys under the applicable financial regulations. Consequently, the bank is not legally required to refund the transferred amount or assume liability for the transaction.
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