Regulatory Alerts2015-05-20 | JB-2015-3425Resolution No. JB-2015-3425 of the Banking Board of Ecuador
The Banking Board of Ecuador rejected an appeal filed by Banco de Guayaquil S.A. and upheld the order to refund USD 409.00 to customer Keyla Annabell Coca Ortega. The Board determined that the bank failed to implement adequate security controls, evidenced by an unauthorized transaction originating from an unregistered IP address in Peru. This decision reinforces the institution's obligation to safeguard client assets and manage operational risks, rejecting the bank's argument that the customer was solely responsible for the security breach.
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