Chile's Financial Market Commission (CMF) issued a regulation setting minimum standards for security, registration and authentication for electronic payments and transfers, applying to supervised banks, support companies, payment card issuers, and savings and credit cooperatives under Article 4 of Law No. 20,009. The regulation sets criteria for the security and authentication of transfers, including robustness, independence and differentiation of authentication factors, and establishes standards for reinforced client authentication (RCA). RCA is mandated for specified use cases, including fund transfers and enrolment processes for digital platforms, while issuers may apply RCA more broadly, with the presumption of fraud or gross negligence under Law No. 20,009 applicable to them. The regulation takes effect on August 1, 2025, except for provisions on mandatory RCA use cases, which apply from July 2026. The CMF also noted it is assessing the reach and need for standards for other participants in the retail payments system.
Chile Financial Market Commission 2025-06-17
Chile's Financial Market Commission sets minimum security standards for electronic payments with mandatory reinforced client authentication from July 2026
Chile's Financial Market Commission issued a regulation setting minimum standards for security, registration, and authentication for electronic payments and transfers, applicable to banks, payment card issuers, and cooperatives. It mandates reinforced client authentication for specific use cases, with broader application allowed under certain conditions. The CMF is also evaluating the need for standards for other retail payment system participants.