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Banking regulator monitoring Banco de Chile after virus-related system failure

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Banking regulator monitoring Banco de Chile after virus-related system failure

Chilean banking regulator SBIF said it is continuing to monitor Banco de Chile following a May 24 system failure due to a computer virus and that it is working to determine the risk that such an event could happen again.

In a statement, the SBIF said it is evaluating the impact on Banco de Chile clients and the actions taken by the bank to resolve the issue. It also said it will monitor Banco de Chile on an ongoing basis with a focus on the bank's management of its operational risks.

"The work developed by the Superintendency since the occurrence of this incident is related to activities that seek to understand its scope, the risk that this situation will recur in the same bank or in others, and in the corrective actions that are taken that apply locally and in the industry," it said.

According to the SBIF, Chilean banks have reported 237 operational incidents between March 2015 and May 2018, with more than half related to issues surrounding technology infrastructure.