Regulatory Alerts2015-06-24 | JB-2015-3501Resolution No. JB-2015-3501 of the Banking Board
The Banking Board of Ecuador issued Resolution No. JB-2015-3501 to deny the administrative appeal filed by Banco Pichincha C.A. and confirm the prior order requiring the bank to refund US$971.71 to customer Christian Antonio Blanco Salazar. The Board determined that the bank was liable because affiliated merchants failed to verify the cardholder's identity, evidenced by significant discrepancies between the signatures on the transaction vouchers and the customer's ID. Consequently, the Board ruled that the bank must enforce the user's rights and ensure merchants comply with regulations validating payments only upon proper identity verification.
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