TITLE: Chile's Financial Markets Commission Issues Operational Security Standards for Payment Card Operators BODY: On November 28, 2017, Chile's Financial Markets Commission (CMF) issued Circular No. 2 establishing common operational and security safeguards for payment card operators. The circular sets out mandatory standards governing the emission and operation of payment cards within Chile's financial system. The circular establishes comprehensive requirements for payment card operators to implement robust operational controls and security measures. These standards are designed to protect the integrity of payment card systems and safeguard consumers and financial institutions against operational risks and security breaches. The requirements cover the full lifecycle of payment card operations, from issuance through ongoing operational management, ensuring that operators maintain consistent security protocols across all aspects of their business. Payment card operators in Chile are required to comply with the standards outlined in Circular No. 2. The circular applies to all entities engaged in the emission and operation of payment cards and establishes baseline requirements that operators must incorporate into their operational frameworks and security procedures. The CMF has also published Circular No. 1 and accompanying frequently asked questions to provide additional guidance on the implementation of these requirements. **Reference:** Financial Markets Commission (CMF). Circular N° 2 Empresas Operadoras de Tarjeta de Pago. November 28, 2017. Available at: https://www.cmfchile.cl/

Circular N° 2 Empresas Operadoras de Tarjeta de Pago - CMF Chile - Legislación y normativa

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