The Financial Analysis Unit is working on the modernization of the Updated Compilation of Standards.
The Financial Analysis Unit put its proposed Updated Compilation of Standards out for consultation with the intention of updating it and having a more comprehensive regulatory framework for its users.
This public consultation was available between May 31 and June 28, 2024 and was made available to all regulated entities, public institutions, criminal prosecution agencies and the public.
As a result, the UAF informed that they received 41 consultations that are being analyzed and weighted to, once this process is finished, issue a general report with the results and possible inclusion in the final document of the RAN.
The director of the UAF, Carlos Pavez, explained the reasons for this consultation: “We decided to revise our regulations by compiling them into a single document and incorporating the latest international recommendations”.
This new regulation includes all current circulars issued by the UAF, with the exception of those issued in collaboration with other public institutions. This in relation to cases such as detection of money laundering and financing of terrorism, together with the obligation to report suspicious financial transactions.
In this way, the aim is to systematize, clarify and modify the current regulations in order to unify everything in a single document and comply with the power of the UAF to prevent and detect suspicious activities.
To discuss these issues please contact our Compliance team:
Rodrigo Albagli | Partner | ralbagli@az.cl
Caterina Ravera | Senior Associate | cravera@az.cl
Florencia Fuentealba | Associate | ffuentealba@az.cl
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