Regulatory Alerts2026-06-01
CMF issues regulation adjusting strong authentication requirements, allowing client groups to continue using coordinate cards
The Chilean Financial Market Commission (CMF) amended Regulation NCG No. 538 to exempt specific client groups from the mandatory transition to Strong Customer Authentication (SCA) by August 1, 2026, allowing them to continue using coordinate cards. Eligible groups include senior citizens, individuals with health conditions or disabilities, those lacking access to physical branches, and users whose trusted devices are incompatible with the institution's required authentication tools. Institutions must notify the CMF of these exempted groups by August 1, 2026, while noting that coordinate card transactions will not qualify as SCA and issuers will bear higher fraud risk, alongside clarifications that internal transfers and recurring payment setups remain exempt from SCA requirements.