Chile Financial Market Commission launches consultation on minimum security and reinforced client authentication standards for electronic payments and transfers

The Chile Financial Market Commission (CMF) has published for consultation a draft regulation setting minimum standards for security, registration and authentication for electronic payments and transfers, intended to implement Article 4 of Law No. 20,009. The proposal applies to supervised entities involved in electronic transactions, including banks, support companies, payment card issuers, and savings and credit cooperatives. The draft sets baseline requirements for transfer security, registration and authentication, including criteria on robustness, independence and differentiation of authentication factors. It also defines standards for reinforced client authentication (RCA) and specifies the transaction types and use cases where RCA must be applied, alongside cases where its application is mandatory or exceptional. Feedback can be submitted until May 5, 2025.