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Global Legal Insights - Banking Regulation 2021

Excerpt from “Banking Regulation 2021” by Carey Chile

Anti-Money Laundering Regulations in Chile

In Chile, banks are required to have specific anti-money laundering systems in place based on the “know-your-customer” system. This means that banks must conduct due diligence and verify the identity of their customers to prevent money laundering activities.

Banks must establish internal policies and procedures to identify and report suspicious transactions
They must also train employees on anti-money laundering regulations and ensure they understand their roles in preventing money laundering

Expanded Liability for Money Laundering and Bribery

Law No. 20,393 has extended liability for criminal wrongdoings related to:

Money laundering
Financing terrorism
Bribery of civil servants to legal entities

This means that not only individuals but also companies can be held accountable for these crimes.

About the Authors

The “Banking Regulation 2021” book is written by experts in their field, including:

Diego Peralta, Partner at Carey Chile
Fernando Noriega, Partner at Carey Chile
Diego Lasagna, Associate at Carey Chile

Book Overview

The “Banking Regulation 2021” book covers a wide range of topics related to banking regulation, including:

Anti-money laundering regulations
Capital markets
Financial regulatory matters
Project financing