Regulatory Alerts2015-06-24 | JB-2015-3505Banking Board Resolution JB-2015-3505
The Banking Board of Ecuador issued Resolution JB-2015-3505 to deny the administrative appeal filed by Banco Pichincha C.A. and confirm the prior resolution requiring the bank to reimburse a customer for unauthorized transactions. The Board determined that the bank and affiliated merchants failed to verify the cardholder's identity and signature as mandated by financial regulations, thereby establishing the bank's liability for the disputed amounts. This decision rejects the bank's arguments that the matter was sub judice or that the customer was solely responsible for the security of their PIN.
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