These include as regulated entities new actors such as DCV, government institutions and all companies of the state. ‘In this way, we begin to be controlled by the UAF, which sets deadlines, commitments and certain obligations such as having a LA/FT prevention manual, implementing controls and procedures and regular reporting. Also, it compels us to report on a quarterly basis whether there have been cash operations, among other alert signals that we need to report’, explains the Finance and Compliance Manager, Jaime Morandé. 

For this, DCV has implemented a series of measures to take on this new compliance role, which involves the creation of procedures, controls and policies that directly benefit DCV clients.

‘In this way, DCV may guarantee the observance of the laws on the part of its clients, giving the market, the clients and the financial system in general, a clear signal of transparency and reliance.  This also reassures foreign investors that regulations are observed in Chile’, adds Fernández.

In parallel, he reports, that DCV is hiring a review service intended not only for PEP (those holding public positions, their deputy superior and blood relatives up to second level) but also for PEP by marriage.

The preceding, he says, places DCV and the local market in the compliance with higher standards. However, there is still a long way ahead. “The cases we have experienced in recent years have forced us to accelerate up the process, which is good.  Today, Chile is proceeding on a par with developed countries, and it is difficult to understand that further information must be required from clients; from the commercial perspective, it can hinder the relationship, but we must consider that ultimately the objective is to safeguard both DCV and the client, and it provides the certainty that regardless of where the investment is deposited, your investment is complying with the law.’

Currently, adds Fernández, DCV is performing a review of the policies and recommendations from international organizations, which involves all the actors of the financial system worldwide in order to prevent financial crimes. “We are reviewing a series of proposals for policies on best practices worldwide. Many are the things that we have as DCV and that as local market can be also implemented’, says Fernández.

In their opinion, Chile compares favorably to other countries in this regard as there were differences related to compliance issues worldwide in relation to local companies, scenario that is already being balanced with these sorts of regulations.

DCV Noticias