Regulatory Alerts2015-06-10 | JB-2015-3480Resolution No. JB-2015-3480 of the Banking Board of Ecuador
The Banking Board of Ecuador issued Resolution No. JB-2015-3480 to deny a motion for reconsideration filed by Banco Pichincha C.A. and confirm the prior administrative act requiring the bank to refund US$325.00 to a customer. The Board ruled that the bank failed to meet mandatory security standards, specifically the retention of ATM video surveillance, thereby assuming operational risk for unauthorized cash advances made with the customer's card. Consequently, the Board rejected the bank's arguments regarding customer negligence and upheld the obligation to reverse the disputed charges.
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