Regulatory Alerts2015-06-10 | JB-2015-3481Resolution No. JB-2015-3481 of the Banking Board of Ecuador
The Banking Board of Ecuador issued Resolution No. JB-2015-3481 to deny the administrative review appeal filed by Banco Pichincha C.A. and confirm the prior resolution ordering the bank to refund US$500 to customer Bolívar Edison Vera Zambrano for an unauthorized ATM withdrawal. The Board determined that the bank failed to preserve mandatory video surveillance footage, thereby preventing the verification of whether the transaction was conducted by the account holder or involved fraud, which constituted an incorrect procedure. Consequently, the Board upheld the obligation for the bank to restitute the debit amount and provide proof of compliance within eight days, rejecting the bank's arguments regarding customer responsibility for PIN security.