Financial institutions must strengthen their internal processes to comply with the new reporting and communication requirements.
The Financial Market Commission (CMF) recently issued General Regulation No. 539, which updates the reporting obligations derived from Law No. 20,009, a regulation that protects users against fraud, theft or loss in the use of cards and electronic transactions.
What changes with this update?
- Greater transparency: Entities must publish detailed statistics on their websites every six months on affected users, amounts involved and deadlines for the restitution of funds or cancellation of charges.
- Updated E24 File: The E24 Regulatory File, which compiles detailed information on fraud and claims, is modernized and expanded. It will now be sent quarterly (except during 2025, which will remain semi-annual), improving the frequency of monitoring by the CMF.
- Improved judicial follow-up: Specific data on suspension processes and judicial actions are incorporated, allowing for greater control of legal compliance and consumer protection.
With these measures, the CMF seeks to strengthen confidence in the financial system, strengthen the protection of users and promote a culture of greater responsibility and transparency among institutions issuing means of payment.
In addition, this regulation responds to recent legal changes with Law No. 21,673 and reflects a collaborative work with the market through public consultation processes.
In summary, financial institutions will have to adapt to new reporting and publication requirements, which will require improvements in their internal control and communication processes with customers.
For more details you can review the standard in the following link:
For more information on these topics, please contact our team:
Álvaro Rosenblut | Partner | arosenblut@az.cl
Stephanie Cruz | Legal & Business Director | scruz@az.cl
Yoab Bitran | Director Compliance Group | ybitran@az.cl
Vicente Martínez | Senior Associate | vmartinezw@az.cl
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