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Facepalm: Paraguay's central bank has seized Ueno Bank after examiners looking at the digital lender's loans to companies linked to its owners found poorly documented lending and expenses the bank had wrongly counted as assets. Once those errors were corrected, Ueno's capital fell to less than half the legal minimum, and the bank's app, cards and transfers went dark as its branches locked their doors. About 3 million customers, in a country of 6.5 million people, were cut off from the savings, payments and benefits they handled through the bank.

The warning signs went back months. ABC Color, a leading Paraguayan newspaper, reported in June that central bank inspectors found a pattern of risky insider lending.…