Regulatory Alerts2015-06-24 | JB-2015-3500Banking Board Resolution JB-2015-3500
The Banking Board of Ecuador issued Resolution JB-2015-3500 to partially confirm the administrative act in Resolution JB-2015-3339, which ordered Banco Pichincha C.A. to fully refund USD 390.00 to client Sandra Ximena Tapia Córdova. The Board determined that the bank failed to implement mandatory security protocols, including IP monitoring and transaction alerts, thereby allowing an unauthorized transfer from a suspicious IP address. Consequently, the Board rejected the bank's appeal, ruling that the institution's procedural deficiencies caused the economic harm and precluding the shifting of liability to the customer.
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