Chile’s Financial Analysis Unit (FAU) has published its Circular No. 62, also known as the Updated Compilation of Rules (RAN), which compiles, systematizes, and updates key requirements for all regulated entities that carry out economic activities supervised by FAU. Such entities include automotive, real estate, and fintech companies, among others.
Published on March 19, 2025, Circular No. 62 aims to prevent risk related to money laundering (ML), financing of terrorism (FT), and financing of weapons of mass destruction. Repealing a series of circulars that had been in effect, the RAN establishes an updated regulatory framework through which regulated entities can incorporate a risk-based approach into their policies and procedures.
Regulations set out in Circular No. 62 will become mandatory for regulated entities on June 1, 2025. Those who have not yet registered must do so, while those already registered must adopt a risk-based approach to comply with the RAN’s requirements.
These requirements include:
- Designating a Chile-based compliance officer
- Preparing a Prevention Manual that expressly includes reporting duties, and
- Training employees in the prevention and detection of ML, TF, and the financing of weapons of mass destruction, along with other compliance requirements.
Additional reporting obligations include:
- Identification of customers’ final beneficiaries, whether individuals or legal entities, unless the customers are pension fund administrators or casinos
- Identification and evaluation of risks associated with ML, FT, and the financing of weapons of mass destruction, as well as due diligence measures aimed at mitigating these risks, and
- Document the analysis of suspicious transactions, including the steps taken and sources consulted, to support either the submission of Suspicious Transaction Reports to the UAF or the classification of transactions as legitimate.
Additionally, the RAN incorporates new categories of persons who must be qualified as Politically Exposed Persons (PEP), including:
- Councilors, municipal works administrators, and directors
- Judges of first instance
- Presidential delegates, regional councilors, and regional ministerial advisors
- Consuls
- Senior officers of the armed forces and law enforcement
- Deputy Prosecutors of the Public Ministry
- National Economic Prosecutors, and
- Regional comptrollers.
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