Regulatory Alerts2015-04-30 | JB-2015-3383Resolution No. JB-2015-3383 of the Banking Board of Ecuador
The Banking Board of Ecuador issued Resolution No. JB-2015-3383 to reject the review appeal filed by Banco Pichincha C.A. regarding a $131.44 fine imposed on its General Manager for an operational error in the protest of checks. The Board confirmed that the bank incorrectly added a client to the list of disqualified individuals before the statutory 60-day payment period had elapsed, thereby violating the General Regulation to the Checks Law. Consequently, the administrative act ratifying the sanction was upheld as legally and factually justified.
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