Regulatory Alerts2015-06-24 | JB-2015-3499Resolution No. JB-2015-3499 of the Banking Board
The Banking Board of Ecuador issued Resolution No. JB-2015-3499 to reject the appeal filed by Banco Pichincha C.A. and confirm the administrative act ordering the bank to refund USD 180.00 to client Christian Eduardo Matamoros Jouvín for an unauthorized credit card transaction. The Board determined that the bank failed to comply with regulatory requirements regarding the verification of customer identity and the retention of transaction vouchers, rendering the bank liable for the disputed charge. Consequently, the appeal for reconsideration was denied, and the original decision mandating the restitution of funds was upheld.
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