Chile's Ministry of Finance, represented by Undersecretary of Finance Heidi Berner, submitted a new consensus package of government amendments to the bill establishing an Economic Intelligence Subsystem to prevent and flag activity linked to organised crime. The revised package, which withdrew some earlier executive proposals and incorporated lawmakers’ amendments, enabled the Chamber of Deputies’ Citizen Security Commission to unanimously approve Article 8 and Articles 11 to 20, focused largely on fit-and-proper requirements across the regulated financial sector. The approved provisions add a new disqualification across fit-and-proper tests for anyone who has been dismissed as a disciplinary measure for a serious breach of administrative probity, covering directors, managers and administrators of entities supervised by the Financial Market Commission and persons acquiring or maintaining holdings of 10% or more. Where disqualification triggers a divestment obligation, the duty is limited to the portion of the holding above the 10% threshold rather than the entire shareholding. The amendments also standardise how individuals must evidence they have not engaged in conduct contrary to sound financial practices (via sworn statement), set a five-year expiry for disqualifications based on administrative or criminal sanctions measured from completion or prescription of the sanction or sentence, clarify how requirements and disqualifications extend when owners are legal persons, extend fit-and-proper rules to insurance intermediaries, and add a transitional rule for shareholders in insurance brokerage firms given the shift in the disqualification threshold from 15% to 10%. The fast-tracked bill would amend a wide set of Chilean financial-sector laws spanning banking, corporations, insurance, securities markets, non-bank payment methods, clearing and settlement systems, fintech, exchanges, product exchanges and cooperatives, and is framed as supporting money-trail detection for money laundering, terrorist financing and other organised-crime-related offences through tools such as data analysis, transaction traceability, expanded reporting obligations and greater interoperability among units within the Economic Intelligence Subsystem.
Ministry of Finance (Chile) 2025-08-07
Chile's Ministry of Finance advances the Economic Intelligence Subsystem bill with amendments tightening fit-and-proper rules for managers and 10% shareholders
Chile's Ministry of Finance submitted amendments to establish an Economic Intelligence Subsystem to prevent organized crime. Approved by the Chamber of Deputies’ Citizen Security Commission, the amendments introduce fit-and-proper requirements, disqualification for serious administrative breaches, and standardize evidence of sound financial conduct. The bill amends financial-sector laws to enhance money-trail detection for money laundering and related offenses through improved data analysis and reporting.