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Personal Data Protection Laws in Chile

Chile has implemented various laws and regulations to protect personal data, prevent money laundering, and regulate electronic signatures. Here are some key points regarding these regulations:

Personal Data Protection

The Personal Data Protection Act (Law 19.628) regulates the treatment of personal data in Chile.

Key Points

• Sensitive Data: Sensitive data, such as criminal records and medical information, requires specific authorization for treatment.
• Communication of Economic Liabilities: Article 17 allows communication of economic liabilities, but not those that are renegotiated, subject to negotiation, or have a statute of limitation period exceeding 5 years.

Anti-Money Laundering (AML) Regulations

Chile has a risk-based approach to AML, with enhanced due diligence and know-your-customer requirements.

Key Points

• Due Diligence: Banking institutions must verify client identification documentation through appropriate procedures.
• Suspicious Transaction Reports: Suspicious transaction reports must be sent to the Unidad de Análisis Financiero (UAF).

Electronic Signatures

The use of electronic signatures is recognized and regulated in Chile.

Key Points

• Digital Signatures: Digital signatures have the same status as handwritten signatures, while simple electronic signatures are also considered valid.
• Legality: Article 3 of Law 19.799 recognizes electronic signatures as legal and enforceable.

Other Regulations

In addition to personal data protection and AML regulations, Chile has laws governing bank secrecy and reserve requirements for banking institutions.

Key Points

• Bank Secrecy Laws: The “Ley General de Bancos” establishes bank secrecy laws for deposits and investments.
• Reserve Requirements: Title XVI of this law requires banking institutions to maintain reserve on certain operations.