Regulatory Alerts2015-06-04 | JB-2015-3464Resolution No. JB-2015-3464 of the Banking Board of Ecuador
The Banking Board of Ecuador issued Resolution No. JB-2015-3464 to reject the appeal filed by Banco Nacional de Fomento regarding an administrative order requiring the reimbursement of unauthorized ATM withdrawals. The Board confirmed that the bank failed to provide adequate security measures for its clients' use of third-party ATMs and did not prove client negligence, thereby upholding the mandate to refund US$ 964.85 to the account holder. This decision reinforces the bank's liability for operational risks associated with interbank ATM networks and the obligation to protect deposited funds.
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