Regulatory Alerts2015-05-13 | JB-2015-3410Resolution No. JB-2015-3410 of the Banking Board of Ecuador
The Banking Board of Ecuador revoked a previous administrative decision that had denied a customer's complaint regarding an unauthorized virtual banking transfer. The Board determined that Banco de Guayaquil S.A. failed to fulfill its custodial obligations by not alerting the client to a transaction made to an unregistered account via an unfamiliar IP address. Consequently, the Board ordered the bank to immediately reimburse the customer, Edgar Vicente Bastidas Guerra, the full amount of USD 4,221.00.
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