Regulatory Alerts2015-06-10 | JB-2015-3479Banking Board Resolution JB-2015-3479
The Banking Board of Ecuador issued Resolution JB-2015-3479 to deny a reconsideration request filed by Banco Pichincha regarding a prior decision ordering the bank to refund unauthorized ATM withdrawals. The Board confirmed that the bank failed to implement adequate security measures, such as maintaining required video surveillance, thereby violating its obligation to safeguard client funds and services. Consequently, the administrative act requiring the restitution of USD 464.22 to the customer Mercedes Valentina Luzarraga Mendoza remains in full force.
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