It is important to note that this regulation elevated to the category of economic crime several conducts regulated by the General Banking Law.
The new Economic Crimes Law, which came into force in September 2024, introduces several implications in the banking field that could impact several financial institutions.
It is important to note that this regulation elevated to the category of economic crime several conducts regulated by the General Banking Law. It also establishes certain disqualifications for certain positions in entities regulated by the Financial Market Commission (CMF).
Consequently, the conducts established in the final paragraph of article 2 and in articles 39, 141, 142, 154, 154, 157, 158, 159 and 161 of the General Banking Law will be considered as economic crimes of the first category.
The facts indicated in the regulations refer to:
- Persons who evade the CMF’s supervision.
- Persons who carry out banking business without authorization.
- Directors, managers or other persons who have participated in the administration of a bank and who perform any of the acts or omissions mentioned in Article 141 of the General Banking Law.
- Persons who engage in any conduct in violation of banking secrecy.
- Directors and managers of an institution supervised by the CMF who provide false or adulterated information.
- The founding shareholders, directors, managers, officers, employees or external auditors of an institution subject to the supervision of the CMF who falsify or alter information.
- The general manager of a company who omits to account for any kind of operation that affects the company’s assets or liability.
- Directors, managers, administrators or attorneys-in-fact who, without authorization from the CMF, perform acts prohibited by Article 116 of the General Banking Law.
The foregoing implies that the facts described above will have, in addition to the penalties established in the aforementioned articles, a penalty whose magnitude will be determined by the new regulation.
In addition to the aforementioned, it is essential to take into account the imposition of disqualifications and prohibitions, which will be contemplated in the Law on Economic Crimes.
Finally, with respect to the above, it is worth mentioning that one of these is the inability to serve as a director or executive of any entity regulated by the CMF, which includes any banking or financial institution.
For more information on these issues, please contact our Corporate and Business team:
Alvaro Rosenblut | Partner | arosenblut@az.cl
Stephanie Cruz | Legal & Business Director | scruz@az.cl
Vicente Martínez | Senior Associate | vmartinezw@az.cl
Raimundo Busquet | Associate | rbusquet@az.cl
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