Regulatory Alerts2015-04-01 | JB-2015-3331Resolution No. JB-2015-3331 of the Banking Board
The Banking Board of Ecuador issued Resolution No. JB-2015-3331 to reject the appeal filed by Banco Pichincha C.A. regarding an unauthorized withdrawal dispute. The Board confirmed the lower authority's decision requiring the bank to refund USD 200.00 to the customer, Ángel Ramón López Sánchez, due to the bank's failure to implement adequate security measures. Specifically, the ruling cited the bank's inability to identify the transaction via surveillance video as evidence of procedural defects and liability for the fraudulent withdrawal.
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