Consultation on Financial Operation Authentication Requirements

Chile CMF Press Releases (English)

Published July 28th, 2025

Detected April 1st, 2026

Summary

Chile's Financial Market Commission (CMF) has published a consultation on proposed authentication requirements for financial operations. The proposal aims to ensure clients who face difficulties adapting to authentication methods other than coordinate cards can continue conducting financial transactions. The consultation has an August 2025 deadline for comments.

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What changed

The CMF proposes new authentication requirements for financial operations to address clients who cannot easily adapt to authentication methods beyond coordinate cards. The proposal would allow affected clients to continue conducting financial transactions under the existing authentication framework. The rulemaking has an August deadline for public comments.

Regulated financial institutions should review the proposed requirements and submit comments by the specified August 2025 deadline. Institutions must prepare for the August 1, 2026 implementation date and ensure their systems can accommodate clients who require continued use of coordinate card authentication. Non-compliance with the final requirements after the implementation date may result in regulatory sanctions.

What to do next

Review the CMF consultation document on authentication requirements
Submit comments on the proposed regulation by the August 2025 deadline
Prepare systems and processes for the August 1, 2026 compliance date

Source document (simplified)

Financial Market Commission

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CMF publishes for consultation regulation on operation authentication requirements

The proposal aims to prevent clients who face greater difficulty in adapting to means of authentication other than coordinates cards from being able to carry out their financial transactions as of August 1, 2026.

March 31, 2026 - The Financial Market Commission (CMF) published for consultation today a regulatory proposal that amends General Rule No. 538 on minimum security and authentication standards to carry out electronic transactions.

To ease the transition of financial clients towards new means of Reinforced Authentication, the CMF published for consultation a regulatory proposal to allow specific groups of clients - determined by issuers themselves through objective criteria - to continue using coordinates cards as means of authentication.

This aims to prevent clients who face difficulties to replace their means of authentication - whether because of accessibility, movement, or other issues - from being able to carry out operations through digital channels.

Entities opting to define these specific groups of clients must report that to the CMF no later than August 1, 2026, including justifying the criteria used; the number of clients in each group; and total number of clients involved.

Additionally, operations involving coordinates cards for authentication shall not be considered authenticated through Reinforced Client Authentication (RCA).

The public consultation is open until April 14, 2026. Interested parties can access the Regulations Under Consultation section of the CMF website to review the regulatory proposal in detail. The Commission also makes available the corresponding Regulatory Report with its key elements.