The Chile Financial Market Commission has opened a public consultation on amendments to General Rule No. 538 on minimum security and authentication standards for electronic transactions, aimed at easing the transition to Reinforced Client Authentication by allowing certain clients to continue using coordinates cards. The proposal is intended to avoid clients who face difficulties replacing their authentication method, including due to accessibility or mobility issues, being unable to transact via digital channels from 1 August 2026. Under the proposal, issuers would be able to define specific groups of clients that may continue using coordinates cards, based on objective criteria set by the issuer. Any issuer choosing to define such groups would have to report this to the CMF no later than 1 August 2026, including the justification for the criteria used, the number of clients in each group, and the total number of clients covered; transactions authenticated with coordinates cards would not be treated as authenticated through Reinforced Client Authentication. The consultation runs until 14 April 2026, and the CMF has also published a regulatory report summarising the key elements of the proposal.
Chile Financial Market Commission 2026-03-31
Chile Financial Market Commission consults on permitting limited continued use of coordinates cards for transaction authentication
The Chile Financial Market Commission has launched a public consultation on amendments to General Rule No. 538 on minimum security and authentication standards for electronic transactions, to facilitate the transition to Reinforced Client Authentication by allowing certain clients to continue using coordinates cards. Issuers would be permitted to define specific client groups, based on objective criteria and reported to the Commission, that may retain coordinates cards, though such transactions would not qualify as Reinforced Client Authentication.