Regulatory Alerts2015-05-27 | JB-2015-3444Banking Board Resolution JB-2015-3444
The Banking Board of Ecuador issued Resolution JB-2015-3444 to reject a review appeal filed by the National Development Bank and confirm an administrative order requiring the bank to refund USD 4,948.00 to client Nelson Ramiro Salme Molina for unauthorized ATM withdrawals resulting from card cloning. The resolution establishes that the Bank Superintendence possesses administrative competence to adjudicate such claims and mandates financial institutions to implement robust security measures, including transaction notifications and anti-cloning protections, to safeguard customer funds. By determining that the bank failed to meet operational risk management standards and provided incomplete documentation, the Board holds the institution fully liable for the economic harm caused to the user.