Chile Financial Market Commission consults on bank rule changes to ease CLP overdrafts and identification requirements for non-residents

Chile’s Financial Market Commission (CMF) launched a consultation on amendments to the Updated Compilation of Rules for Banks (RAN) to facilitate access by non-resident counterparties to transactions in Chilean pesos (CLP), aligning with the Central Bank of Chile’s authorization of cross-border CLP operations. The proposal would amend RAN Chapters 8-1 and 20-1 to reduce operational frictions for non-residents, with two core changes. For overdrafts linked to checking accounts, banks would be able to use credit titles or another equivalent, internationally accepted negotiable document in place of Chilean promissory notes, with the documentation to be approved by the bank’s Prosecutor’s Office under board-approved policies. Separately, non-resident foreigners could present an internationally accepted form of identification instead of a Chilean ID card or National Tax Identification Number for transactions covered by Chapter 20-1 (including loans), with banks defining acceptable ID types and related procedures under internal policies while maintaining anti-money laundering and counter-terrorist financing controls referenced in Chapter 1-14. The CMF published a regulatory report including an impact assessment and invited feedback via its website’s “Regulations Under Consultation” section, including input on additional frictions affecting market development; the practical impact is expected to depend on the extent of banks’ adoption through their commercial practices with non-resident clients.