Regulatory Alerts2015-05-13 | JB-2015-3412Resolution No. JB-2015-3412 of the Banking Board of Ecuador
The Banking Board of Ecuador issued Resolution No. JB-2015-3412 to reject the administrative review appeal filed by Banco Nacional de Fomento regarding unauthorized ATM withdrawals from a customer's account. The Board confirmed the Regional Intendant's prior decision ordering the bank to reimburse the customer USD 332.50, ruling that the bank failed to provide adequate security monitoring and alerts for the disputed transactions. This decision reinforces the financial institution's obligation to ensure the safety of ATM services and compensate clients for losses resulting from security vulnerabilities.
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