Regulatory Alerts2015-05-20 | JB-2015-3429Banking Board Resolution JB-2015-3429
The Banking Board of Ecuador rejected an appeal for review by Banco de Guayaquil S.A., confirming a prior order for the bank to reimburse Mr. Héctor Mario Cajas Fajardo USD $300.00 due to an unauthorized electronic transfer. The Board found the bank responsible for the disputed transaction, citing a lack of optimal security measures and failure to notify the client, which allowed the fraudulent withdrawal of funds. This ruling emphasizes the bank's non-compliance with obligations under the General Norms for Financial System Institutions regarding operational risk management and fraud prevention in electronic channels.
Share