The Board of Chile’s Financial Market Commission (CMF) sanctioned Banco Security, now Banco Bice, with a UF 234 fine for breaching the General Banking Act and banking regulatory requirements on maintaining required reserves. Under Resolution No. 1,772, the CMF found the bank operated with a USD 830,303 deficit in its foreign exchange reserve between March 9 and April 8, 2025, and did not take timely measures to avoid the shortfall. The CMF noted that maintaining the required reserve is necessary to ensure the bank can meet its obligations to clients.
Chile Financial Market Commission 2026-02-17
Chile’s Financial Market Commission fines Banco Security now Banco Bice UF 234 for foreign exchange reserve deficit
The Chile Financial Market Commission sanctioned Banco Security, now Banco Bice, with a UF 234 fine for breaching the General Banking Act and reserve requirements. The bank operated with a USD 830,303 foreign exchange reserve deficit from March 9 to April 8, 2025, without taking timely corrective measures. The CMF emphasized the importance of maintaining required reserves to meet client obligations.