Regulatory Alerts2015-05-27 | JB-2015-3435Resolution No. JB-2015-3435 of the Banking Board of Ecuador
The Banking Board of Ecuador issued Resolution No. JB-2015-3435 to reject an administrative review appeal filed by Banco Nacional de Fomento regarding a customer's unauthorized ATM withdrawal claim. The Board confirmed the previous order requiring the bank to refund US$ 2,784.50 to the customer, ruling that the bank failed to comply with security regulations by not obtaining video evidence within the mandated timeframe. The decision emphasizes the bank's obligation to ensure the security of third-party ATMs used for transactions and its liability for losses resulting from inadequate security measures.
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