Regulatory Alerts2015-06-17 | JB-2015-3488Resolution No. JB-2015-3488 of the Banking Board of Ecuador
The Banking Board of Ecuador issued Resolution No. JB-2015-3488 to reject the appeal filed by Banco de Guayaquil S.A. regarding an unauthorized internet transfer of USD $2,400.00 from a customer's account. The Board confirmed that the bank failed to implement efficient security policies and operational risk management systems, specifically noting the lack of fraud alerts and failure to notify the client of the transaction. Consequently, the resolution orders the bank to restitute the disputed funds to the customer, Miguel Eusebio Merchán Cervantes, within the established timeframe.
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