On March 19th, the Financial Analysis Unit (“UAF”, for its initials in Spanish) published Circular No. 62, the “Updated Compilation of Regulations” (“RAN”, for its initials in Spanish), which systematizes and updates the instructions applicable to all natural and legal persons engaged in any of the 55 economic activities supervised by the entity, as listed in Articles 3 and 4 of Law No. 19.913, which establishes the UAF (the Law).
The circular will come into effect almost entirely on June 1st, 2025*, repealing as of that date the provisions contained in UAF Circulars Nos. 6, 7, 11, 12, 16, 17, 18, 19, 34, 35, 40, 42, 46, 47, 49, 52, 53, 54, 55, 56, 57, 58, 59, and 60.
Among the modified circulars is No. 57, which regulates the obligation to identify, certify, and register data on the ultimate beneficiaries of legal persons and legal structures. Until May 31st of this year, such identification is only mandatory for entities in the financial sector, such as banks and financial institutions, general fund managers, stock exchanges, brokerage firms, insurance companies, among others.
Ultimate beneficiaries of legal persons are the natural persons who ultimately own—directly or indirectly—a 10% or greater stake in the capital or voting rights of a specific legal entity or structure; or those who, even if holding less than 10%, effectively control decision-making within the legal entity or structure.
Under the new regulation, starting June 1st, 2025, all entities obligated by the Law must implement the identification of the ultimate beneficiaries of their corporate clients through the form provided by the UAF. This applies before and during the establishment of a permanent commercial or contractual relationship. In the case of occasional transactions, this applies when the amount is equal to or greater than USD 3,000, whether as a single transaction or considering linked transactions (Circular No. 57 set a threshold of USD 15,000), and when there are suspicions of money laundering or terrorist financing, regardless of previous exemptions or thresholds.
Thus, the obligation to identify ultimate beneficiaries will also apply, among others, to gaming halls and racetracks; customs agents; real estate brokers and property management companies; notaries; registrars; car dealerships and sellers of new or used vehicles; vehicle rental companies; and those registered in the Financial Service Providers Registry maintained by the CMF, offering services such as crowdfunding platforms, alternative trading systems, financial instrument custody, brokerage, and payment initiation services under the Fintech Law.
Entities failing to comply with this obligation may face a reprimand and a fine of up to UF 800. In cases of repeated violations, the fine may reach up to three times this amount.
Additionally, if corporate clients fail to provide the required information within 40 business days, obligated entities must consider this behavior as a red flag and assess the need to submit a Suspicious Transaction Report on money laundering or terrorist financing to the UAF. They may also choose to refrain from establishing or maintaining a business relationship with such a legal entity.
*The instructions in the chapter “On Electronic Transfers of Funds and Assets” will come into effect on July 1st, 2025.
