Financial Market Commission

CMF sanctions Banco Santander Chile, Banco de Crédito e Inversiones for failing to submit banking records required for a criminal investigation by the Public Prosecutor’s Office

The Commission applied fines of UF 450 and 250, respectively, for breaching the provisions of Article 154 of the General Banking Act, which mandates financial institutions to submit background information for criminal investigations to the Public Prosecutor’s Office.

November 26, 2024 - The Board of the Financial Market Commission (CMF), through Exempt Resolutions Nos. 10,609 and 10,613, fined Banco Santander Chile and Banco de Crédito e Inversiones UF 450 and 250, respectively, for failing to submit in a timely manner, despite a judicial warrant, banking records required by the Public Prosecutor's Office to carry out criminal investigations.

During the sanctioning procedure, these entities admitted responsibility for infringing upon Article 154 of the General Banking Act, which states that financial institutions must submit records requested by the Public Prosecutor's Office within a timeframe of 10 banking days.