Regulatory Alerts2015-05-20 | JB-2015-3427Resolution No. JB-2015-3427 of the Banking Board
The Banking Board of Ecuador issued Resolution No. JB-2015-3427 to reject the review appeal filed by Banco Nacional de Fomento regarding an administrative order requiring the restitution of US$ 6,486.35 to customer Mayra Juliana García Murillo. The Board confirmed that the bank failed to implement adequate risk monitoring and alert systems for atypical transactions, thereby bearing responsibility for the unauthorized withdrawals. Consequently, the resolution upholds the mandate for the bank to refund the disputed amount within seventy-two hours.
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