Chile’s Financial Market Commission (CMF) has opened a public consultation on amendments to its minimum security and authentication standards for electronic transactions, to allow certain clients to continue using coordinate cards as an authentication method during the transition to Reinforced Client Authentication (RCA). The proposal is intended to avoid leaving clients who have greater difficulty adopting alternative authentication methods unable to transact via digital channels from 1 August 2026. Under the proposal, issuers would identify eligible client groups using objective criteria, including clients facing accessibility, mobility or other constraints. Any entity choosing to define such groups would have to notify the CMF by 1 August 2026, providing the justification for its criteria, the number of clients in each group, and the total number of clients covered. Transactions authenticated with coordinate cards would not be treated as authenticated through RCA. The consultation runs until 14 April 2026, and the CMF has also published a regulatory report setting out the main elements of the proposal.
Chile Financial Market Commission 2026-03-31
Chile’s Financial Market Commission consults on allowing defined client groups to keep using coordinate cards for transaction authentication
The Chile Financial Market Commission has launched a consultation on amendments to minimum security and authentication standards for electronic transactions to permit certain clients to continue using coordinate cards during the transition to Reinforced Client Authentication. Issuers would define eligible client groups based on objective criteria such as accessibility or mobility constraints, notify the Commission with supporting justification and client numbers, and transactions using coordinate cards would not be considered authenticated through Reinforced Client Authentication.