Regulatory Alerts2015-04-01 | JB-2015-3322Banking Board Resolution JB-2015-3322
The Banking Board of Ecuador issued Resolution JB-2015-3322 to reject the administrative review appeal filed by Banco Pichincha C.A. regarding a consumer complaint about unauthorized cash advances. The Board confirmed the lower authority's ruling that the bank must refund US$325.00 to the cardholder, citing the bank's failure to provide security video footage as evidence of non-compliance with operational risk and security regulations. This decision establishes that financial institutions cannot shift the risks inherent in ATM service execution to users when they fail to maintain adequate security measures.
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