Regulatory Alerts2015-03-25 | JB-2015-3314Resolution No. JB-2015-3314 of the Banking Board of Ecuador
The Banking Board of Ecuador rejected the appeal filed by the General Manager of Banco Nacional de Fomento regarding unauthorized debit card withdrawals. The Board ratified the previous decision ordering the bank to reimburse the customer for the remaining loss, citing the bank's failure to adequately manage operational risks and its reliance on an external provider with security deficiencies. The ruling affirmed the regulator's administrative competence to order restitution based on procedural failures, independent of any pending criminal investigation into the card cloning.
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