Banco de Chile (BCH, CHILE.SN), one of Chile's largest banks in
terms of assets, received an $81,000 fine for sending 7.7% of its
clients other people's June banking statements, said the local SBIF
regulator.
The Chilean bank incorrectly sent 52,770 statements, which could
have put clients' legally ensured banking privacy at risk.
The bank attributed the error to its service provider Xerox
Chile, saying the provider incorrectly emailed the statements to
some of the financial institution's clients.
"Independently from the origin of the problem, Banco de Chile
will honor and assume, in full, obligations derived from contract
or from the law to its clients," the bank's chief executive, Arturo
Tagle, said in a filing with the U.S. Securities and Exchange
Commission.
According to Chilean law, the maximum fine for infringing this
type of banking regulation is around $225,000.
Write to Graciela Ibanez at graciela.ibanez@dowjones.com