Regulatory Alerts2015-04-15 | JB-2015-3350Resolution No. JB-2015-3350 of the Banking Board of Ecuador
The Banking Board of Ecuador issued Resolution No. JB-2015-3350 to reject the administrative review appeal filed by Antonio Acosta Espinosa, Adjunct President of Banco Pichincha C.A. The Board confirmed a $4,000 fine imposed by the Guayaquil Regional Intendancy for the bank's failure to timely execute judicial fund retention orders related to IESS debt collection. The decision highlights that the bank's internal batch processing controls were insufficient to meet mandatory judicial deadlines, thereby validating the sanction under the General Law of Financial System Institutions.
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