Global Regulations and Requirements for KYC Onboarding
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identification numberprofessioninvoice numberaddressemail
identification number
entity namesocial security numbersentity economic activitiesinvoice numberresidencyphone number
Cédula de Identidad or Carné de Identidad
In 1995, money laundering was incorporated as a crime in the Chilean Penal System by law N°19.366. In December 2003, law N°19.913 was promulgated. This law created a specific Financial Analysis Unit “Unidad de Análisis Financiero” to prevent and stop money laundering. In December 2009, law Nº 20.393 was published. This law established the penal responsibility of legal entities relating to the crimes of money laundering, financing of terrorism and bribery. In February 2015, law N° 20.818 was promulgated and published. This law established guidelines for public entities about Article 3 Law N°. 19.913
Superintendencia de Bancos e Instituciones Financieras”, (“SBIF”)
Unidad de Análisis Financiero” (“UAF”)
Yes, there are several instructions given by the regulators that are mandatory for institutions. The “Manual para la prevención del blanqueo de capitales” - published by the “Asociación de Bancos e Instituciones Financieras de Chile A.G.”, Recomendaciones para la identificación y procedimientos relacionados con Personas Expuestas Políticamente (“PEP”)”, and “Circular conjunta N° 50 de Unidad de Análisis Financiero y N° 57 de Superintendencia de Casinos de Juegos”.
N/A (The last mutual evaluation was performed in 2010
a) individual b) Rol Único Tributario (“RUT”) number (the National Identification Number for individuals and legal entities c) individual profession or degree d) invoice number e) address in Chile or in country of origin f) email
a) entity name; b), similar to Social Security Numbers for individuals or Employer ID Numbers for entities); c) entity economic activities; d) invoice number; e) residency; and f) phone number.
UAF Regulations specifically require the reviewing of clients, prospective clients and UBOs to identify if any party is a PEP. Local regulation does not explicitly establish an ownership threshold to define
Special due diligence and KYC procedures must be applied to: a) PEPs (escalation to management for approval); b) electronic transfers (information about the transferor must be kept); c) individuals and members listed in "Comité de Sanciones ONU" (UN sanctions about N° 1.267 of 1999, N° 1.333 of 2000 and N°1.390 of 2002 resolutions) (continuous monitoring - information obtained must be reported to UAF); d) non-cooperative countries/jurisdictions/territories and tax havens (transactions with these countries/jurisdictions/territories must be reviewed and reported to UAF); and e) customer who exercises one of activities described in Article 3 Law N°19.913.
Financial institutions and certain non-financial institutions must implement special due diligence procedures for PEPs: a) establish risk management systems to determine if a prospective client, a client or a final beneficiary is a PEP or not; b) require and obtain senior management approval to establish a relationship with a PEP; c) take reasonable measures to determine the source of wealth and funds of clients and final beneficiaries identified as PEPs and the reasonability of the operations; and d) implement measures and procedures of continuous due diligence regarding the relationship with the PEP.
According to RAN Chapter 1-14, the following additional KYC measures must be performed when establishing a correspondent banking relationship: a) gather sufficient information to fully understand the correspondent bank’s business and verify its reputation and control quality; b) assess the policies and procedures performed by the correspondent bank to detect suspicious activities; c) document the responsibilities of each institution; and d) obtain management approval to establish a new correspondent banking relationship.
According to RAN Chapter 1-14, banks must abstain from starting relationships or performing operations with shell banks.
There is no specific mention in local AML regulations about this subject
Financial Analysis Unit “Unidad de Análisis Financiero”
Cash transactions over USD10,000 must be reported.
There are no thresholds for suspicious activity reports.
Yes. The failure to comply with the reporting requirements is considered an infraction to Law 19.913. Any entities and individuals involved may be sanctioned.
Yes. According to RAN Chapter 1-14, banks must have appropriate technological tools that allow them to develop warning systems, in order to identify and detect unusual transactions.
According to local regulation, every suspicious operation must be reported as fast as possible and in an unobstructed manner to the UAF. Reports must be filed in an electronic format. Financial institutions
No. According to RAN Chapter 1-14, if the bank has branches or subsidiaries abroad, the Board must ensure that the laws and regulations of the host country adequately meet the requirements of this
No, there is no legal requirement for an external auditor to provide an opinion or report on the bank’s AML systems and controls. Information about suspicious activity reports and controls is not audited. During the financial statement audit, the external auditor is informed about the suspicious activity reports to evaluate if there is any impact on the audit process.
Yes, as “personal data” is defined by Law N° 19.628 as any data related to an identified or identifiable individua
it does not. Law N° 19628 applies only to data relating to individuals. However, professional secrecy regulations and contractual obligations mean such data must be kept as confidential
Sensitive data” is defined by Law N° 19.628 as any personal data relating to physical or moral characteristics of individuals, or to facts or circumstances of their private life or intimacy. Note that according to Law N° 19.628, any kind of personal data treatment shall be expressly authorised by the data subject (individual), in writing, and prior to the data treatment. The data subject shall be informed about the purposes of its data treatment, and is entitled to revoke such authorisation, among other rights. As a general rule, “sensitive data” cannot be treated in any form, except: a. when it is expressly authorised by law; b. when the “sensitive data” is required for granting health benefits to the data subject; and c. when the data subject expressly authorises the “sensitive data” treatment as described immediately above.
Any transfer of personal data shall be authorised by the data subject as described in A29 c) above. Regarding credit reports, no data subject authorisation is required when the information comes from, or is collected by, public sources, as long as the data corresponds to economic, financial, banking and commercial information contained in lists referred to a category of individuals that only indicates certain information (individual’s group, occupation, professional or technical degrees, birth date, address), or is needed for commercial communications requiring a direct answer or the direct sale of goods and services. On the other hand, article 17 of Law 19.628 allows the communication of economic, financial, banking and commercial liabilities when these are not duly paid, and are expressed in certain commercial instruments (e.g. unpaid checks, notes, banking loans, mortgages, etc.). In general, this kind of report cannot include: liabilities that have been renegotiated, are subject to negotiation or are subject to pending terms or conditions; utilities debts; debts incurred during unemployment periods; and, liabilities that became enforceable 5 years previously. Regarding criminal records, this information can be understood as “sensitive data”, and its treatment is only allowed as described in A29 c). Although, if this data is treated by a government or public organisation (public services, public authorities, etc.) within its legal faculties, no data subject authorisation is needed for data treatment purposes. In relation to criminal records, administrative penalties or disciplinary faults, this information cannot be communicated after the statute of limitation period for pursuing those sanctions has elapsed, except in cases where such information is requested by the courts of justice or other competent authorities and such information is kept under secrecy. Regarding medical data, this information can be understood as “sensitive data”, and its treatment is only allowed as described in A29 c). As mentioned in A29 c) b., the treatment of this kind of personal data is allowed when it is required for granting health benefits to the data subject, with no data subject authorisation.
no specific regulation in AML
It is compulsory at 18, when it has to be carried at all times.
CLP 3,267,853
Agreements and documents related to acts or contracts where the law requires the personal attendance of one or more of the parties and those related to family law are exempted from the law.
Yes, Article 3 of law 19.799 recognizes electronic signatures as legal and enforceable, while Articles 5 provides for their admissibility. Summary of law Chile's laws provide for the enforcement of both simple electronic signatures and digital signatures ( called advanced or certified signatures). It considered a two-tier jurisdiction because it gives digital signatures the same status as handwritten signatures but also recognizes simple electronic signatures as legal and enforceable. Countries that follow this model give companies the opportunity to select different forms of signatures and customize their business processes based of the form that is most convenient and appropriate for each use case. Electronic signatures are presumed valid unless proof to the contrary is produced.
Unidad de Análisis Financiero” (“UAF”)
Yes, enhanced due diligence, know your customer, know your employee, know your supplier, are all systems that must be configured as a tool of risk management to prevent money laundering and the financing of terrorism.
According to SBIF regulations, banking institutions should apply appropriate procedures to verify that the information provided by clients is valid and accurate. If the information is not reliable or the client does not provide information for proper identification, the bank must evaluate the termination of the commercial relationship and send a suspicious operation report to UAF.
Article 19 N° 4 of the Chilean Constitution set forth the constitutional right of respect and protection of private life and honour of an individual and their family. If this constitutional right is breached or
Yes. Title XVI of “Ley General de Bancos” establishes the bank secrecy law. According to this law, deposits and investments are subject to bank secrecy. Other operations are under reserve.