Key Documents

Chile Enacts Law to Create its FIU (in Spanish)

November 2, 2011

Chile Mandates the Creation of AML Programs (in Spanish)

November 25, 2009

Chile Criminalizes Terrorist Financing (in Spanish)

November 13, 2003

Important Facts

The U.S. State Department classifies Chile as a jurisdiction of concern. Chile has a large and well-developed banking and financial sector with an established anti-money laundering and counterterrorist financing regime. Systematic vulnerabilities in Chile's regime include stringent bank secrecy laws and relatively new regulatory institutions in which oversight gaps remain. Increased trade and currency flows, combined with an expanding economy, could attract illicit financial activity and money laundering. Chile maintains extensive trading partnerships and has long borders, both add to the vulnerabilities of its largely unregulated free trade zones. There are limited incidences of public corruption. While in the past there appeared to be no significant market for illicit or smuggled goods in Chile, there have been recent seizures of counterfeit goods by Chilean Customs officials.
KYC Covered Entities: Banks and credit unions; pension funds; mutual fund administrators; securities brokers and dealers; leasing and factoring companies; credit card issuers and operators; insurance brokers and companies
STR Covered Entities: Banks and representative offices of foreign banks; mutual and investment fund managers; pension fund administration companies; custom agents; securities depository, securities and commodities brokers and dealers; futures and options markets operators, and commodity and stock exchanges; nonprofit savings and loans companies and savings and loan cooperatives; money transfer and transportation companies and currency exchange offices; auction houses; casinos, floating casino games, gaming houses, and horse tracks; the Foreign Investment Committee; insurance companies; real estate registrars, brokers, and management companies; credit card issuing and operating companies; financial leasing, financial factoring, and securitization companies; notaries; entities authorized to receive foreign currencies; FTZ users and administration companies; sports clubs (stock companies) and professional sport organizations; general fund managers; and public institutions
Enhanced Due Diligence Procedures for PEPs: Foreign: No; Domestic: No
Money Laundering Criminal Prosecutions/Convictions: Prosecutions: 100 (Jan. 1 – Oct. 30, 2015); Convictions: 79 (Jan. 1 – Oct. 30, 2015)

Source: 2016 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i

Technical	Effectiveness
Compliant : 8	High :
Largely Compliant : 15	Substantial :
Partially Compliant : 19	Moderate :
Non-Compliant : 7	Low :

BASEL i

Rank : 104/125

Score : 4.18/10

TRANSPARENCY INTERNATIONAL i

Rank : 26/180

Score : 67/100

Tax Justice Network i

Rank : 82/133

Score : 56/100

Chile

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