Regulatory Alerts2015-06-10 | JB-2015-3468Resolution No. JB-2015-3468 of the Banking Board of Ecuador
The Banking Board of Ecuador issued Resolution No. JB-2015-3468 to reject the appeal filed by Banco de Guayaquil S.A. regarding unauthorized virtual banking transfers. The Board confirmed that the bank failed to provide sufficient security measures and ordered the restitution of US$ 465.00 to the customer, Solange Katherine Anzules Cruz. This decision affirms that the financial institution bears the risk of operational failures rather than shifting liability to the client for alleged credential compromise.
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