TITLE: Chile's Financial Market Commission Consults on Adjusted Authentication Requirements for Electronic Transactions
BODY:
On March 31, 2026, the Financial Market Commission (CMF) launched a public consultation on a modification to General Standard No. 538, which establishes minimum security and authentication standards for electronic transactions. The proposed amendment aims to facilitate the transition of financial clients to strengthened authentication mechanisms while protecting vulnerable customers who face barriers to adopting alternative authentication methods.
The CMF proposes allowing specific groups of clients—identified by financial institutions using objective criteria—to continue using coordinate card authentication as an alternative to strengthened customer authentication (ARC). This exemption targets clients experiencing accessibility challenges, mobility limitations, or other obstacles that prevent them from adopting new authentication technologies. Financial institutions choosing to establish these exempted client groups must notify the CMF by August 1, 2026, providing justification for their criteria, the number of clients in each group, and total clients affected. Importantly, operations using coordinate card authentication will not be classified as strengthened customer authentication.
The consultation period closes on April 14, 2026. The CMF has published a regulatory report detailing the proposal's main provisions on its institutional website under the "Normativa en Consulta" (Regulations Under Consultation) section. The modification addresses concerns that rigid implementation of the August 1, 2026 authentication deadline could exclude vulnerable clients from digital financial services, while maintaining security standards for the broader financial system.
**Reference:** Financial Market Commission (CMF) Chile, Press Release, March 31, 2026