The new regulatory framework will be effective as of June 1, 2025.
On March 18, the Financial Analysis Unit (UAF) published the “Normative Report and Regulatory Impact of Circular No. 62”, which includes the approved regulation of the aforementioned circular.
The report states that “the purpose of this document is to provide a comprehensive regulatory framework that facilitates the identification of obligations and their subsequent application by regulated entities, and that includes the necessary adjustments to take into account recent changes in legislation”.
In this way, the FAU seeks to systematize and organize the current regulations, clarify the content of the existing obligations and modify aspects of the current regulations.
Keys to understanding UAF Circular 62/2025
- Modification of information registered with the FAU: The deadline for reporting any update or modification in the registration fields to the FAU is increased from 5 to 10 days.
- Designation of Compliance Officer: An external person is not authorized to perform the role of CCO.
- Cash Transaction Reporting Obligation (ROE): All cash transactions exceeding USD 10,000 must be reported to the FAU with the periodicity to be determined depending on the economic sector of the regulated entity. This includes cash deposits made in the bank accounts of the regulated entities.
- Suspicious Transaction Reporting Obligation (STR): Suspicious ML/FT transactions must be reported to the FAU as soon as possible, as well as the necessary supporting documentation.
- Regulated entities must periodically and systematically review all clients or potential clients on the United Nations Security Council Resolution Lists. In case of identifying a client in one of the lists, the FAU must be immediately informed through an STR.
- Obligation to create and keep records of cash transactions, suspicious transactions, due diligence and knowledge of the client, as well as transactions carried out by politically exposed persons, for a minimum term of 5 years from the end of the commercial relationship or from the last occasional transaction. In the case of regulated entities engaged in providing Electronic Funds and Assets Transfer services, there is also an obligation to register such transfers, for the aforementioned period.
- Final beneficiary information: All regulated entities must implement obligations related to the identification of final beneficiaries.
- A beneficial owner is defined as the natural person who finally owns directly or indirectly a participation equal to or greater than 10% of the capital or voting rights of a person or legal structure, or the natural person who exercises effective control in the decision making of the person or legal structure, regardless of its participation.
- The ML/TF/PF Prevention and Detection Manual: It must be updated at least every 2 years and be delivered in the format defined by the regulated entity to all its employees, leaving a record of it.
- The regulated entities must provide training on prevention and detection of ML/FT/FP to all their employees once a year, leaving a record of it.
- Circular N° 62 repeals: Circulars N° 6, 7, 11, 12, 16, 17, 17, 18, 19, 34, 35, 40, 40, 42, 46, 47, 49, 52, 53, 54, 55, 56, 57, 58, 59 and 60.
It is important to note that Circular 62 is effective as of June 1, 2025.
For more information on the subject, please contact our Compliance Group:
Rodrigo Albagli | Socio | ralbagli@az.cl
Yoab Bitran | Director Grupo Compliance | ybitran@az.cl
Caterina Ravera | Asociada Senior | cravera@az.cl
Loreto Osorio | Asociada | losorio@az.cl
Sebastián Achondo | Asociado | sachondo@az.cl
Macarena Navea | Asociada | mnavea@az.cl
Felipe Barrera | Asociado | fbarrera@az.cl
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