NEWS ■

Credit Rating Agencies Cannot Act as Independent Reviewers of Crime Prevention Models

According to Official Letter No. 31445, dated February 7, 2025, and published on March 4, 2025, the Financial Market Commission ("CMF") has stated that credit rating agencies can no longer perform supervision and certification activities for crime prevention models.

It is worth noting that previous regulations allowed these entities to certify crime prevention models, as Law No. 20.393 (Article 4, letter b)) explicitly stated that the corresponding certificates could be issued by "external audit firms, credit rating agencies, or other entities registered with the Superintendence of Securities and Insurance that could perform this function (...)".

However, Law No. 21.595 on Economic and Environmental Crimes removed the reference to these entities, instead using the broader term "independent third parties" to describe those who must review these models. This independent review is a mandatory requirement for a crime prevention model to be deemed effectively implemented under the new law.

As a result of this legal modification, the CMF has concluded that: "Since the certification of crime prevention models is not a complementary activity to those described in NCG No. 362, and given that the law does not explicitly contemplate this function, this Service does not consider it viable for a credit rating agency—whose exclusive purpose is established by law—to continue performing such activity."

Finally, it is important to highlight that entities reviewing crime prevention models under the new regulations do not need to be registered in any public registry. Moreover, the Registry of Certifying Entities for Crime Prevention Models is no longer in effect for this purpose. Nevertheless, it is advisable for companies to seek review from recognized law firms, certification firms, or other reputable market entities to ensure the effectiveness of their implemented models.

https://www.cmfchile.cl/institucional/inc/dictamenes.php

For further information on this matter, please contact Christian Schiessler (cschiesslerq@jdf.cl) or Macarena Naranjo (mnaranjo@jdf.cl).

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