Amendment to Banking Service Externalization Regulation
Summary
Chile's Financial Market Commission (CMF) published for public consultation a proposed amendment to the regulations governing service externalization by banks and financial institutions. The proposal seeks to update outsourcing requirements, including risk management, due diligence, and contractual obligations for third-party service providers. Financial institutions subject to CMF supervision will be affected once the amendment is finalized.
What changed
CMF Chile has published for public consultation a proposed amendment to the existing regulation governing service externalization (outsourcing) by banks and financial institutions. The amendment is expected to update requirements related to risk management, due diligence on third-party providers, contractual safeguards, and ongoing monitoring obligations for outsourced services.\n\nBanks and financial institutions subject to CMF supervision should monitor this consultation closely, as the final rule will impose new or enhanced compliance obligations on outsourcing arrangements. Institutions with significant third-party service dependencies should begin assessing potential gaps against the proposed changes and consider submitting comments to influence the rulemaking.
What to do next
- Review the proposed amendment to service externalization rules
- Submit written comments to CMF before the deadline
- Assess current outsourcing contracts for compliance gaps with proposed changes
Archived snapshot
Apr 8, 2026GovPing captured this document from the original source. If the source has since changed or been removed, this is the text as it existed at that time.
Financial Market Commission
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CMF publishes for consultation amendment to regulation on service externalization by financial institutions
- The amendment aims to modernize service externalization requirements contained in Chapter 20-7 of the Updated Compilation of Banking Regulations, as well an establishing an ongoing information requirement.
- This regulation applies to banks; savings and credit cooperatives; non-banking card issuers; payment card operators; and support companies of banking activities. April 7, 2026 - The Financial Market Commission (CMF) published for consultation over the next six weeks a regulatory amendment proposal for Chapter 20-7 of the Updated Compilation of Banking Regulations (RAN) on guidelines for service externalization and creates a new Regulatory File in that regard.
The proposal applies to banks, savings and credit cooperatives, non-banking card issuers, payment card operators, and support companies of banking activities. It aims to modernize service externalization requirements contained in Chapter 20-7 of the RAN, as well as strengthen the availability of systematized information on providers. It aligns with the most recent operational risk focuses - which recognize third parties as a risk source to be managed throughout their life cycle.
Specifically, the project is intended to:
- Precise and update the regulation pursuant to recent international guidelines and updates to regulations of other entities supervised by the CMF.
- Incorporate definitions and guidelines to better manage third-party and externalization risks.
- Add a Regulatory File to the Information Systems Manual to periodically assess registries from providers, their activities, and their incidents. The Regulatory File under consultation aims to better characterize financial industry providers and their services to strengthen the CMF's supervisory work. Interested parties can access the Regulations Under Consultation section of the CMF website to review the regulatory proposal in detail, with a six-week timeframe to submit feedback.
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