Regulatory Alerts2015-06-24 | JB-2015-3503Resolution No. JB-2015-3503 of the Banking Board
The Banking Board of Ecuador issued Resolution No. JB-2015-3503 to deny a review request filed by Banco Pichincha C.A. regarding a previous decision that ordered the bank to refund a disputed credit card charge. The Board confirmed the original resolution, upholding the finding that the bank failed to implement adequate security measures despite being aware of the risk associated with the transaction. This decision reinforces the regulatory requirement for financial institutions to protect consumer rights and mitigate operational risks through proper internal controls.
Share