Regulatory Alerts2015-06-04 | JB-2015-3462Resolution No. JB-2015-3462 of the Banking Board
The Banking Board of Ecuador rejected the appeal filed by the National Development Bank (Banco Nacional de Fomento) regarding a customer's complaint about unauthorized ATM withdrawals. The Board confirmed the lower authority's order requiring the bank to refund USD 583.00 to the customer, citing the bank's failure to provide security video footage and its non-compliance with regulatory timelines for handling claims. The decision emphasizes that financial institutions bear exclusive responsibility for operational risks and must implement adequate security measures to protect client funds.
Share