Regulatory Alerts2015-05-27 | JB-2015-3438Resolution JB-2015-3438 of the Banking Junta of Ecuador
The Banking Junta of Ecuador issued Resolution JB-2015-3438 to reject the appeal filed by Banco Guayaquil S.A. regarding an unauthorized $300 transfer from a customer's account. The resolution confirms the previous administrative order requiring the bank to refund the disputed amount, ruling that the institution failed to implement adequate fraud prevention measures and did not notify the client of the transaction. The Junta determined that the bank bears responsibility for the loss because it did not maintain an efficient system to prevent fraud or alert the user to the suspicious activity.
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