Regulatory Alerts2015-07-09 | JB-2015-3515Banking Board Resolution JB-2015-3515
The Banking Board of Ecuador issued Resolution JB-2015-3515 to resolve an administrative appeal filed by Esthela Alexandra Sánchez Fernández against Banco ProCredit S.A. and the Ecuadorian Social Security Institute (IESS) regarding alleged identity theft in her unsecured loan account. The Board determined that both entities complied with established opening procedures and regulatory requirements, finding no incorrect administrative actions warranting direct financial restitution. Consequently, the resolution concludes that since the core issue constitutes a criminal act typified in the Organic Integral Criminal Code, jurisdiction and liability determination rest exclusively with the ordinary judiciary.
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