Regulatory Alerts2015-07-09 | JB-2015-3517Banking Board Resolution JB-2015-3517
The Banking Board of Ecuador issued Resolution JB-2015-3517 to confirm the administrative act ordering Banco Pichincha C.A. to refund US$ 624.53 to cardholder Cristian Guido Hidalgo Pizanán for unauthorized credit card charges. The Board determined that the bank failed to verify merchant compliance with secure sales procedures, specifically the verification of identity cards and cardholder signatures at affiliated establishments. Consequently, the motion for reconsideration filed by Banco Pichincha’s Deputy President was denied, upholding the regulatory body's authority to mandate corrective measures and fund restitution within its administrative jurisdiction.
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