We invite you to read the new opinion column by Juan Ignacio Santa María, published in Estado Diario: https://estadodiario.com/columnas/nueva-circular-n-62-de-la-uaf-madurez-regulatoria-de-las-fintec-en-chile/
By Juan Ignacio Santa María*.
On March 19, the Financial Analysis Unit (UAF) issued Circular No. 62, which repeals a significant number of previous circulars that fragmented the regulation of various obligated parties regarding anti-money laundering and counter-terrorism financing. It establishes a new coherent, modern, and unified regulatory framework. In this context, the explicit inclusion of Fintechs regulated under Law No. 21,521 within the regulatory perimeter is a natural and necessary step, both from a supervisory standpoint and from the perspective of developing a transparent and sustainable digital financial ecosystem.
Fintech platforms face, for the first time, a detailed, specific compliance framework with clear requirements, which structurally changes how they address money laundering risks. Until now, Fintechs operated under a self-regulatory logic regarding anti-money laundering compliance. Although Law No. 21,521 sets certain generic duties, the lack of regulatory development left many obligations open to interpretation or dependent on non-binding guidelines. Circular No. 62 closes this gap by establishing a common minimum standard that is no longer optional.
These obligations are substantial and represent a significant effort, especially for smaller or early-stage Fintechs. Many of these companies were born with lean, agile structures focused on technological development and user experience. Compliance was often an external or secondary function. The regulation demands a paradigm shift: they must now conceive compliance as a strategic business component on par with software engineering, customer service, or commercial development.
This internalization process will not be without challenges. It requires investment in monitoring technologies, hiring or training qualified personnel, and implementing robust customer identification and verification systems, which may seem excessive for young companies. However, the new framework also offers substantial benefits. In a market where trust is critical, especially in finance, Fintechs demonstrating a strong compliance culture will gain reputational advantages, better access to investment rounds and strategic partnerships, and positive differentiation before regulators and clients. Compliance ceases to be a legal obligation and becomes a business value.
One of the regime’s great virtues is its adaptability to the dynamic Fintech sector. Unlike previous rules, Circular No. 62 does not set a closed catalog of activities or exhaustive risk lists. On the contrary, it promotes adopting methodologies based on each entity’s reality. Fintechs operating with crypto-assets, for example, will face different challenges than digital factoring platforms, crowdfunding systems, or payment initiation service providers. The Circular recognizes this diversity and allows control measures to align with each company’s nature, complexity, and volume of operations.
The impact of this rule is not limited to companies’ internal environment. It may also have positive systemic effects. A common compliance standard could facilitate interoperability between Fintechs and traditional financial actors, such as banks or insurers, often reluctant to collaborate with startups due to reputational risk fears.
Circular No. 62 represents a regulatory milestone consolidating Fintechs’ transition to a more advanced stage of institutional development. It compels them to look beyond the product and incorporate compliance into their business model design. This is not an innovation brake but a way to ensure innovation is sustainable, reliable, and legitimate. Fintechs that understand this will not only comply with the regulation but also actively contribute to building a stronger, more inclusive, and resilient financial ecosystem.
*Juan Ignacio Santa María, lawyer, banking and financial law consultant at Chirgwin.
