Regulatory Alerts2015-05-08 | JB-2015-3407Resolution No. JB-2015-3407 of the Banking Board of Ecuador
The Banking Board of Ecuador issued Resolution No. JB-2015-3407 to accept the administrative appeal filed by Rodrigo Acosta against the Bank of Guayaquil regarding an unauthorized online credit card transaction. The Board determined that the bank failed to implement adequate security procedures to detect that the cardholder's name did not match the purchaser, constituting a procedural error that caused financial harm to the claimant. Consequently, the resolution orders the Bank of Guayaquil to refund the disputed purchase amount, the associated Withholding Tax on Capital Exports (ISD), and the financing interest charges generated during the dispute process.
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