Regulatory Alerts2015-07-01 | JB-2015-3507Resolution JB-2015-3507 of the Banking Board
The Banking Board of Ecuador rejected Banco Pichincha's appeal and confirmed the requirement to reimburse client Ruth Elena Dávila Andrade USD 118.91 for unauthorized debit card transactions. The Board ruled that the bank failed to implement adequate security measures, including proper ATM camera placement and electronic transaction notifications, thereby violating client rights under the Organic Monetary and Financial Code. This decision affirms the Superintendency of Banks' authority to order restitution of funds to protect financial users from operational risks caused by institutional negligence.
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