Regulatory Alerts2015-06-17 | JB-2015-3484Resolution No. JB-2015-3484 of the Banking Board
The Banking Board of Ecuador issued Resolution No. JB-2015-3484 to deny the administrative appeal filed by Banco Pichincha C.A. and confirm the prior order requiring the bank to refund USD 200 to customer Ángel Ramón López Sánchez. The Board determined that the bank failed to implement adequate security measures, specifically citing defective ATM camera coverage that prevented identification of the unauthorized withdrawal. Consequently, the bank is held liable for the fraudulent transaction due to its failure to provide necessary technological safeguards and monitor account activity.
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