Regulatory Alerts2015-04-01 | JB-2015-3326Resolution No. JB-2015-3325 of the Banking Board of Ecuador
The Banking Board of Ecuador issued Resolution No. JB-2015-3325 to reject the administrative review appeal filed by Banco Pichincha C.A. against a US$ 1,000 fine imposed on its Legal Representative for failing to provide required documentation regarding protested checks within the mandated timeframe. The Board confirmed the penalty, ruling that the bank violated Articles 77 and 80 of the General Law of Financial System Institutions by not facilitating the Superintendence's supervisory functions. Consequently, the original administrative act imposing the sanction was upheld as legally justified and properly motivated.
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