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Reporting FX operations to the Banco Central de Chile: the SICAM system, who reports what, the size thresholds, confidentiality and the fines

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Last verified: 2026-10-26 · Status: Stable

Since 1 January 2026 all Central Bank FX reporting runs through the SICAM information system under the new FX Compendium. Banks report the spot and transfer operations made through them, while companies and individuals report their foreign loans, deposits, investments and capital contributions of US$10,000 or more, either through the bank that moves the money or directly when the money stays abroad, with extra reports above US$1 million, US$10 million and US$50 million. The information is confidential, but late or missing reports can be fined at up to twice the operation's amount.

USD figures use the Central Bank exchange rate of CLP 986.58 per US dollar published in the Diario Oficial for 23 October 2026 (Ley Nº 18.840 art. 44 and CNCI Chapter I, Section VII). UF values use UF 1 = CLP 41,205.16 (23 October 2026) and UTM values use UTM 1 = CLP 72,151 (October 2026), both as published by the Servicio de Impuestos Internos. Conversions are for orientation only.

Key facts

Central Bank FX reporting system	SICAM, under the FX Compendium in force from 1 January 2026 textCNCI Chapter II, Letter A, as of 2026-10-26 · in force
Minimum operation size for channelling and reporting	10000 USDCNCI Chapter II, Letter B, Section IV, Nº 19, as of 2026-10-26 · in force
Foreign loan size that requires a financial terms report	1000000 USDCNCI Chapter II, Letter B, Section IV, Nº 20 c), as of 2026-10-26 · in force
Foreign assets or liabilities that trigger quarterly stock reporting	10000000 USDCNCI Chapter II, Letter B, Section IV, Nº 20 b), as of 2026-10-26 · in force
Gross monthly change in foreign assets or liabilities that triggers flow reporting	50000000 USDCNCI Chapter II, Letter B, Section IV, Nº 20 a), as of 2026-10-26 · in force
Maximum fine for breach of FX reporting, channelling or restrictions	Twice the operation amount textLey Nº 18.840 art. 58, as of 2026-10-26 · in force
Maximum fine when the operation amount cannot be determined	3000 UTMLey Nº 18.840 art. 58, as of 2026-10-26 · in force
Time to answer a Central Bank fine notice	15 banking business daysLey Nº 18.840 art. 60, as of 2026-10-26 · in force

The rule

1. The Central Bank runs a FX information system (SICAM) that collects, validates, stores and analyses FX operations data and lets informants file electronically and, once accredited, consult their information. Informants are banks, other formal market entities, domestic and international securities custodians, non bank companies and individuals. Each informant must sign a request to report to the SICAM (contained in operating rule RO II.1) and accept the Compendium's terms.FX Compendium (CNCI) approved by Central Bank Agreement Nº 2617-03-240125, in force from 1 January 2026, CNCI Chapter II, Letter A, Nº 1 to 4, 2024-01-30 official text · verified 2026-10-26 · changed: From 1 January 2026 the new Compendium replaced the former Compendium and its Manual, folding the old Chapters XII and XIV into Chapter II, Letter B, Section IV, with reporting through the SICAM.

2. Formal market entities report the purchases, sales and transfers of foreign currency made by them or through them, and must record and store the data. Banks report their own foreign assets and liabilities: remittances and inflows linked to their assets abroad, debt or capital with abroad and the related payments are reported at the latest on the banking business day after the operation; banks that borrow US$1,000,000 or more from abroad also report the financial terms and balances.FX Compendium (CNCI) approved by Central Bank Agreement Nº 2617-03-240125, in force from 1 January 2026, CNCI Chapter II, Letter B, Sections I and II, Nº 5, 6, 9 and 10, 2024-01-30 official text · verified 2026-10-26

3. For individuals and companies that are not institutional investors, credits, deposits, investments and capital contributions with abroad of US$10,000 or more must be channelled through the formal market (unless made with funds abroad) and reported. On top of that: informants whose foreign assets or liabilities (each counted separately) change by a gross accumulated US$50,000,000 or more in the month report those flows; informants who at any time in the period held foreign assets or liabilities (separately) of US$10,000,000 or more report quarterly stocks even with no operations; and anyone taking credits from abroad of US$1,000,000 or more reports the financial terms of each one.
Example: A company holding CLP 9,865,800,000 of debt owed abroad files the quarterly stock report even in a quarter with no new loans. / US$10,000,000 of foreign liabilities: quarterly stock report; US$50,000,000 gross monthly change: monthly flow report.FX Compendium (CNCI) approved by Central Bank Agreement Nº 2617-03-240125, in force from 1 January 2026, CNCI Chapter II, Letter B, Section IV, Nº 18, 19 and 20, 2024-01-30 official text · verified 2026-10-26

4. Who files depends on where the money moves. If funds enter or leave Chile, the informant gives the bank the operation type and concept when the money arrives or is sent, and the bank reports it. If the funds are used directly abroad, a payment is made abroad, or the investment is made with shares of foreign companies, the Chilean resident reports directly to the Central Bank. Changes to reported operations are always reported by the informant.FX Compendium (CNCI) approved by Central Bank Agreement Nº 2617-03-240125, in force from 1 January 2026, CNCI Chapter II, Letter B, Section IV, Nº 25, 26, 28, 30, 32 to 35, 2024-01-30 official text · verified 2026-10-26

5. Domestic and international custodians report monthly the investments in securities from abroad in which they take part. An international custodian must be regulated in its home country as a custodian or market infrastructure, and be based in a FATF (or regional equivalent) member jurisdiction that is not listed as non cooperative or as a harmful preferential tax regime by the OECD.FX Compendium (CNCI) approved by Central Bank Agreement Nº 2617-03-240125, in force from 1 January 2026, CNCI Chapter II, Letter B, Section III, Nº 12 to 15, 2024-01-30 official text · verified 2026-10-26

6. The Central Bank must keep FX information it obtains confidential and may give it only to the party to the operation or its representative. Exceptions allow sharing with the CMF and Superintendencia de Pensiones, Customs, the SII and the Treasury for specific audits, the competition prosecutor with court approval, the financial intelligence unit (UAF) and the public prosecutor for suspicious operations and money laundering, the courts and the Financial Stability Council. Public bodies, especially the CMF, Superintendencia de Pensiones, SII and Customs, supervise compliance with FX rules within their powers.Ley Nº 18.840, Organic Constitutional Law of the Banco Central de Chile; FX Compendium (CNCI) approved by Central Bank Agreement Nº 2617-03-240125, in force from 1 January 2026, Ley Nº 18.840 art. 66; CNCI Chapter I, Sections VI and IX, 1989-10-10 official text · verified 2026-10-26

7. Breaches of the reporting duty (art. 40), of the formal market channelling rules (art. 42) or of restrictions (art. 49) can be fined by the Central Bank Council up to twice the total amount of the operation. Breaches of other Central Bank FX resolutions can be fined up to 100 percent of the operation, or up to 3,000 UTM if the amount cannot be determined. Fines are set in the currency of the operation, in US dollars or in UTM, and paid in pesos at the rate published for the day before payment; they must be paid within the period the Bank sets, which cannot be less than 30 days, and then bear interest.
Cost to do it: Maximum fine where the amount cannot be determined: 3,000 UTM, about CLP 216,453,000 (US$219,397) at the October 2026 UTM of CLP 72,151.
Example: An unreported loan of CLP 986,580,000 can draw a fine of up to CLP 1,973,160,000. / Up to US$2,000,000 on a US$1,000,000 operation for breach of the reporting or channelling duties.Ley Nº 18.840, Organic Constitutional Law of the Banco Central de Chile, Art. 58, art. 62 and art. 63, 1989-10-10 official text · verified 2026-10-26

8. Before fining, the Central Bank must hear the affected person by certified letter (sent to the bank or formal market entity it dealt through if no address is registered). The person has 15 banking business days from dispatch to present a written defence, after which the Bank decides. Fine decisions are enforceable titles. Malicious falsehood in documents filed with the Bank or in FX operations is a crime punished by the courts with presidio menor in its medium to maximum degree.Ley Nº 18.840, Organic Constitutional Law of the Banco Central de Chile, Art. 59, art. 60 and art. 62, 1989-10-10 official text · verified 2026-10-26

Situation	Who reports	How	Rule
Loan, deposit, investment or capital contribution of US$10,000 or more (CLP 9,865,800) wired into or out of Chile	The bank, on the informant's declaration of type and concept	Formal market report	Nº 26, 31, 32, 34 a)
Same operation settled or used abroad, or made with foreign shares	Chilean resident	Directly to the Central Bank (SICAM)	Nº 25, 30, 33, 34 b)
Foreign loan of US$1,000,000 or more (CLP 986,580,000)	Borrower	Financial terms of each loan	Nº 20 c)
Foreign assets or liabilities of US$10,000,000 or more (CLP 9,865,800,000) at any time	Holder	Quarterly stock report	Nº 20 b)
Gross monthly change of US$50,000,000 or more (CLP 49,329,000,000)	Holder	Monthly flow report	Nº 20 a)
Securities investments from abroad	Custodians	Monthly report	Nº 12
Any change to a reported operation	Informant	Modification report	Nº 28 and 35

Who reports what to the Central Bank under the FX Compendium in force from 1 January 2026 (CNCI Chapter II). CLP at 986.58 per US dollar.

Worked example

A Chilean mining services company has US$12,000,000 (CLP 11,838,960,000) of loans from its foreign parent and a US$3,000,000 deposit in a New York bank. It reports quarterly stocks of its foreign liabilities (over US$10,000,000) but not of its foreign assets, which are counted separately and are below the threshold (Nº 20 b).
When it takes a new US$1,500,000 loan from the parent, the bank reports the inflow and the company reports the loan's financial terms (Nº 20 c). When it later pays interest from the New York account instead of from Chile, it reports that payment directly to the Central Bank (Nº 34 b).
Had it failed to report the US$1,500,000 loan, the Central Bank could fine it up to US$3,000,000 (CLP 2,959,740,000) after hearing it (Ley Nº 18.840 art. 58 and 60).

Step by step

1. Sign the SICAM reporting request (RO II.1) for the company before its first direct report.
2. Map the company's foreign assets and liabilities and test them separately against US$10,000,000 (stock) and US$50,000,000 (monthly flow).
3. For every inbound or outbound wire on a credit, deposit, investment or capital contribution, give the bank the operation type and concept.
4. Report directly any operation funded, used or paid abroad, and any in kind contribution of foreign shares.
5. For each foreign loan of US$1,000,000 or more, file its financial terms, and report later changes.
6. Keep the supporting contracts and bank confirmations; the Central Bank and the SII, Customs or CMF may ask for them.
7. If a Central Bank letter arrives, answer in writing within 15 banking business days.

Common traps

Assuming the bank files everything. The bank reports what passes through it; operations settled abroad and changes to reported operations are the company's own duty.
Netting assets and liabilities for the thresholds. Assets and liabilities with abroad are counted separately.
Ignoring stock reporting in a quiet quarter. The US$10,000,000 stock report is due whether or not there were operations.
Thinking the information goes to the tax authority automatically. It is confidential under art. 66, but the SII, Customs, UAF and prosecutors can obtain it in the cases the law lists.
Treating fines as small. They are measured against the operation amount, up to twice it, not as a flat fee.

Sources

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