Regulatory Alerts2015-05-13 | JB-2015-3415Added · Updated
Banking Board Resolution JB-2015-3415
The Banking Board rejects the review appeal filed by the Banco Nacional de Fomento and confirms the administrative act ordering the bank to refund US $160.00 to Oswaldo Xavier Huacón Morán for unauthorized ATM withdrawals made on March 20, 2013. The decision establishes that the bank failed to provide adequate security for the disputed transactions and did not monitor or implement alerts for movements on the account, thereby violating its obligation to safeguard client funds. The bank is required to remit documentation proving compliance with this resolution within eight days of receiving the notice.
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