On March 18, 2025, the Financial Analysis Unit (hereinafter, the “UAF”) issued Circular No. 62 (hereinafter, the “Circular”), which provides general instructions to the natural and legal persons mentioned in Article 3, first paragraph, of Law No. 19.913 (hereinafter, the “Obligated Entities”), regarding the registration, reporting, and due diligence of suspicious transactions, with the objective of preventing and deterring the use of the financial system and other sectors of economic activity for committing crimes such as money laundering, terrorist financing, and the proliferation of weapons of mass destruction.

This Circular aims to provide an updated compilation of the regulations previously issued by the UAF, ensuring a clear and current set of rules regarding the obligations of the Obligated Entities.

The main changes are outlined below:

1. Obligation to Register

The registration obligation for Obligated Entities remains in place, with the reporting deadline for changes in registration information extended from 5 to 10 days. Additionally, it is clarified that Obligated Entities maintain their status and obligations as long as they remain registered, with the possibility of exiting the registry by notifying the UAF of the termination of their business activities.

1. Obligation to Appoint a Compliance Officer

The obligation to appoint a Compliance Officer remains, with new specifications such as the requirement that the officer must have access to all transactions carried out by the Obligated Entity. For SMEs or individual entrepreneurs, the main executive or sole partner may assume this role.

Additionally, former UAF employees are prohibited from holding this position for up to six months after leaving the institution.

 

• Obligation to Report Suspicious Transactions (ROS)

Significant changes were introduced, including the mandatory use of published alert signals without requiring Obligated Entities to supplement them with their own detected alerts.

Furthermore, the Circular establishes a structured analysis requirement for potential suspicious transactions, with a record of both reported and dismissed transactions.

Lastly, a new regulation mandates immediate reporting of transactions matching the UN Security Council Resolution Lists, allowing the UAF to initiate freezing measures without prior analysis of the identified person or entity.

1. Obligation to Report Cash Transactions (ROE)

The definition of cash transactions follows the terms set in Circular No. 35 of 2007. The reporting frequency is determined based on an annex, which specifies monthly, quarterly, or semi-annual reporting requirements depending on the Obligated Entity’s economic sector.

1. Obligation to Create and Maintain Records

The Circular simplifies this obligation, specifying the required records:

1. Cash Transactions – Supporting files and documents related to transactions reported to and approved by the UAF.
2. Due Diligence and Customer Identification – Customer files, supporting documents, and background information.
3. Politically Exposed Persons (PEP) Transactions – A list of PEP clients, records of their transactions, supporting documents, and background information, including senior management approvals, fund origin declarations, and continuous due diligence measures.
4. Electronic Fund and Asset Transfers – Required for entities providing such services, containing all relevant information detailed in Chapter I of the Circular.
5. Suspicious Transactions – Records, files, and supporting documents related to both reported and dismissed suspicious transactions.

 

1. Due Diligence and Customer Identification (DDC)

The new Circular establishes specific requirements for risk policies. Obligated Entities that lack the capacity to conduct their own risk evaluations are not required to do so and may adopt regular DDC measures instead.

The Circular standardizes DDC requirements for all Obligated Entities, allowing simplified measures for low-risk products or services when a risk policy is in place.

Additionally, a minimum threshold of USD 3,000 is established, with revised special thresholds detailed in Annex No. 2 of the Circular. The UAF will review and request risk policies during inspections.

Cabe hacer presente que la UAF señala que las políticas de riesgo serán solicitadas y revisadas al momento de fiscalizar a los Sujetos Obligados.

• Obligation to Identify the Ultimate Beneficial Owner

The Circular extends this obligation to all Obligated Entities, amending the previous rule that only applied to the banking and financial sectors.

• Politically Exposed Persons (PEP)

New public officials have been added to the PEP list, including city council members, municipal works directors, municipal administrators, regional councilors, first-instance judges, senior military officers, deputy prosecutors of the Public Ministry, and the national economic prosecutor.

1. National and International Transfers of Funds and Assets

La UAF modificó esta obligación en la nueva Circular, disminuyendo la información que se debe acompañar con la transferencia. Además, se incorporó la transferencia electrónica a los activos, de manera de incluir expresamente a los activos virtuales y así incorporar la regla del viaje como un requisito esencial en las transferencias de activos virtuales, tanto nacionales como internacionales.

 

1. Del manual de prevención

Minimum content requirements for the Prevention Manual have been updated to include:

1. Internal organization of the Anti-Money Laundering (AML), Counter-Terrorist Financing (CTF), and Proliferation Financing (PF) prevention system.
2. DDC policies and procedures, including ultimate beneficial owner and PEP identification.
3. AML/CTF/PF risk policy of the Obligated Entity.
4. Suspicious transaction detection and reporting policies and procedures, ensuring timely and confidential reporting to the UAF.
5. Procedures for reviewing UN Security Council Sanctions Lists.
6. Procedures for reviewing high-risk countries and jurisdictions.
7. Procedures for immediate reporting to the UAF.

The Circular mandates that this Manual be updated every two years.

1. High-Risk Countries and Jurisdictions

The Circular standardizes this obligation, requiring enhanced DDC measures and the adoption of countermeasures when dealing with high-risk jurisdictions.

• Obligation to Train Staff

The UAF now mandates annual training for all employees, with records of such training to be kept. Companies may choose their preferred training format.

 

The Circular will take effect on June 1, 2025, except for obligations related to electronic fund and asset transfers, which will have a deferred implementation date for Obligated Entities regulated under Law No. 21.521, coming into force on July 1, 2025.

Should you require additional information on this matter, please contact Macarena Naranjo (mnaranjo@jdf.cl) y a María Sofía Ortúzar (msortuzar@jdf.cl).