Chile's Financial Market Commission (CMF) chair Solange Berstein presented the CMF’s Institutional Public Account for 2024, setting out progress across prudential supervision, market conduct and market development, including work to implement Basel III and new responsibilities under the Fintech Act. The CMF reported that it surpassed 8,000 supervised entities in 2024, covering 76.5% of Chile’s financial market assets (USD 604 billion). Under the Fintech Act, the CMF had received 372 applications for enrollment in the Registry of Financial Service Providers and 249 authorization applications as of 23 April 2025. Basel III implementation was described as advancing through improved information requirements on banks’ risk profiles and capital position and structure, alongside initiatives on emerging risks such as climate change. Conduct supervision priorities included Fraud Act compliance, withholdings from alimony debtors, use of debtor status information, product closures and lending commissions; the CMF also highlighted the incorporation of suptech tools and technology-enabled complaints handling. Market development work included establishing the Registry of Financial Service Providers, building the Open Finance System, and preparing a Market Development Policy Document and an Institutional Policy on Financial Inclusion. On enforcement, the CMF board imposed fines totaling UF 42,159, while the Commission received 345 external and 73 internal complaints. Since the Anonymous Whistleblower Program took effect in 2021, 99 applications have been received and the board has approved UF 11,160 in total payments; the account also pointed to implementation challenges linked to recently enacted laws, including the Open Finance System, the Consolidated Debt Registry and the Financial System Resilience Act.

Original source View in tracker