banca electrÓnica: posibilidades, riesgos y lineamientos regulatorios – una primera aproximaciÓn...

7/31/2019 BANCA ELECTRNICA: POSIBILIDADES, RIESGOS Y LINEAMIENTOS REGULATORIOS UNA PRIMERA APROXIMACIN (

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Tu`wò}d dn}daogo} d ]`gd}ah Jfh}ow& Deqhe`h Coaèd& Cd}qe Ed}deih& Idzò} Rhnn` p Whjd Zdfoeg`drh} wuw zdf`hwhw ghcoeqd}`hw p }oghcoeadg`heow d fh fd}nh aof aowd}}hffh ao owqo ahgucoeqh& dwghch d qhadw fdw ro}whedw tuo co oez`d}he wuw ghcoeqd}`hw& fhw tuo juo}he ao n}de uq`fàda d fd

lh}d ao wu ofdmh}dgè% Rh} wuruowqh& gudftuò} o}}h} h èo|dgq`qua tuo wo oeguoeq}o de r}owoeqooe of qo|qh ow ao c` oeqo}d }owrhewdm`fàda%

WMW Ahgucoeqh ao Q}dmdih

WMW =22=Wuro}èqoeaoeg`d ao Mdegd p Wonu}hw

W_RO]@EQOEAOEG@D AO MDEGD P WON_]HW

MDEGD OFOGQ]E@GD9 RHW@M@F@ADAOW& ]@OWNHW P F@EODC@OEQHW]ON_FDQH]@HW _ED R]@CO]D DR]H\@CDG@E

Fu`w Adeòf Dffde GdhqoNo}oeg`d ao Owqua`hw Oghec`ghw

A`gòcm}o =22=

]owucoe

Of w`nuòeqo ahgucoeqh ao q}dmdih qòeo rh} hmioqh ldgo} ued èq}hauggè dfdw hro}dg`heow ao Mdegd Ofogq}e`gd& r}owoeqd} fhw dgqudfow dzdegow phro}dg`heow tuo wo ade oe euowq}h coa`h oe owqd cdqo}`d& dw ghch fdw

rhw`m`fàdaow ao o|rdewè p aowd}}hffh oe of Ro}& qhcdeah ghch }ojo}oeg`dfd o|ro}òeg`d p aowd}}hffhw hmwo}zdahw oe hq}hw rdwow% Dw c`wch& wooejhgd}e fhw }òwnhw tuo dwucoe fhw dnoeqow ,qdeqh fhw mdeghw ghch wuwgfòeqow) df }odf`yd} hro}dg`heow ao mdegd ofogq}e`gd& p wo ad}e dfnuehwdrueqow oe qocdw ao no}oeg`d ao }òwnhw tuo wo aomoe aowd}}hffd} d jè aoq}dqd} daogudadcoeqo owqo qocd% Jèdfcoeqo& wo o|dcèd} fd fon`wfdgèo|`wqoeqo oe of Ro} p oe of cueah oe cdqo}`d ao q}dewdgg`heow p mdegdofogq}e`gd& ghe of jè ao a`wguq`} fhw fèodcòeqhw mw`ghw tuo aomo oejhgd}ued r}hruowqd }onufdqh}`d daogudad df qocd oe guowqè%

O#cd`f aof duqh}9 fdffdèBwmw%nhm%ro

Gfdw`j`gdgè IOF9 G


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MDEGD OFOGQ]E@GD9 RHW@M@F@ADAOW& ]@OWNHW P W_NO]OEG@DW]ON_FDQH]@DW _ED R]@CO]D DR]H\@CDG@E

@% @EQ]HA_GG@E

Au}deqo fhw fq`chw dhw wo ld hmwo}zdah ue }ràh aowd}}hffh ao fdw hro}dg`heow tuo wo

ruoaoe ffozd} d gdmh oeq}o fhw mdeghw p wuw gfòeqow& aowqdgeahwo dtuoffdw hro}dg`heow tuo

wo }odf`yde d q}dzw ao qo}cèdfow }ochqdw qdfow ghch ue gdio}h duqhcq`gh& feodw

qofoje`gdw p& cw }ogòeqocoeqo& d q}dzw ao @eqo}eoq% Fhw }ogòeqow aowd}}hffhw oe

qogehfhnd ao fd èjh}cdgè p qofoghcue`gdg`heow& iueqh ghe of èg}ocoeqh aof zhfucoe ao

fdw q}dewdgg`heow mdegd}`dw ffozdadw d gdmh ofogq}e`gdcoeqo owqe gduwdeah fh tuo wo} ue

`crdgqh ro}cdeoeqo oe fdw rhfq`gdw ao eonhg`hw ao fdw èwq`qug`heow jèdegò}dw p oe wu

ro}j`f ao }òwnh4% Wè ocmd}nh& eh ld ldmàh ue owqua`h rd}dfofh ao fdw rhw`m`fàdaow p

}òwnhw tuo rfdeqod owqo euozh q`rh ao }ofdgè oeq}o of mdegh p wuw gfòeqow& qdeqh rh} fd de

mdid a`juwè tuo qdfow wo}z`g`hw qòeoe oe fd cdph}d ao fhw gfòeqow ao fhw mdeghw& ghch

rh} fd ghejuwè ao dfnuehw q}cèhw p gfdw`j`gdg`heow oeq}o a`glhw gfòeqow%Of r}owoeqo ahgucoeqh eh wfh r}owoeqd fhw dzdegow oe of wogqh}& wèh tuo muwgd a`wguq`} fd

jh}cd oe fd tuo fd mdegd ofogq}e`gd djogqd of ro}j`f ao }òwnh dwucàh rh} fdw èwq`qug`heow

jèdegò}dw& dw ghch fd `crh}qdeg`d tuo qòeo a`glh gdcm`h aowao ue rueqh ao z`wqd ao ued

wuro}z`wè r}uaoeg`df ao fdw ocr}owdw }onufdadw% Rh} owqh& deqow ao ocroyd} ued a`wguwè

whm}o Mdegd Ofogq}e`gd& ow ghezoeòeqo dgfd}d} r}oz`dcoeqo dfnuehw ghegorqhw gfdzow%

T_ OW MDEGD OFOGQ]E@GD8

Mdegd Ofogq}e`gd ow ue q}cèh tuo ldgo }ojo}oeg`d d fhw wo}z`g`hw tuo hj}ogo ue mdegh&

rh} fhw gudfow wo ruoao }odf`yd} gudftuò} q`rh ao q}dewdggè oeq}o ue gfòeqo p a`glh mdegh&

è`g`dad coa`deqo coa`hw ofogq}e`ghw& qdfow ghch ued qd}ioqd ao g}a`qh& qd}ioqd ao am`qh h

dfne a`wrhw`q`zh ao dfcdgoedcòeqh ao zdfh}& ghe duqh}`ydgè o|r}owd aof gfòeqo& ghe fd

4 AO_QWGLO M_EAOWMDEK% Ofogq}he`g mdekèn j}hc d r}uaoeq`df wuro}z`wh}p ro}wrogq`zo%J}dekju}q% Cheqlfp ]orh}q A`gòcm}o =222& rn% 4%


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DFFDE& Adeòf% MDEGD OFOGQ]E@GD9 _ED R]@CO]D DR]H\@CDG@E% Rn% 7

gudf wo èwq}upo df mdegh ao gd}nd}& aom`qd} h q}dewjo}`} zdfh} aowao fd guoeqd èa`gdad rh}

a`glh gfòeqo% Rh} fh qdeqh& ued q}dewjo}oeg`d ofogq}e`gd& wo} qhad dtuoffd q}dewdggè tuo

qoend fdw gd}dgqo}wq`gdw coeg`hedadw r}oz`dcoeqo=

Dw ruow& aoeq}h ao owqd aojè`gè gdoe fdw ghcr}dw logldw ghe qd}ioqdw ao g}a`qh h am`qh

aowao ue qo}cèdf tuo dgorqo rdnh ghe owqo q`rh ao qd}ioqdw ,Qo}cèdfow ao Rueqhw ao Zoeqd

RAZ& h RHW& rh} wuw w`nfdw oe ènfw)& q}dewjo}oeg`dw logldw d q}dzw ao ued goeq}df

qofoje`gd èqof`noeqo& hro}dg`heow aowao ue gdio}h duqhcq`gh p& rh} wuruowqh& gudftuò}

q`rh ao hro}dg`heow }odf`ydah aowao gudftuò} gfdwo ao r}hn}dcd h èqo}jdwo gfòeqo tuo

q}dewc`qd a`gld èjh}cdgè zd @eqo}eoq%

Rh} fh qdeqh& fd Mdegd Ofogq}e`gd eh ow cw tuo ued euozd jh}cd ao }odf`yd} a`zo}wdwhro}dg`heow h }og`m`} wo}z`g`hw zd}`hw d q}dzw ao euowq}h mdegh r}ojo}àh p& d rowd} ao fd

ehzoada aof q}cèh& ow dfnh tuo lochw zoeàh }odf`ydeah aowao ldgo pd mdwqdeqo qòcrh%

Wè ocmd}nh& fd o|rdewè ao fhw wo}z`g`hw hj}ogàhw rh} fhw mdeghw d q}dzw ao @eqo}eoq

ldgo tuo of qocd ghm}o owrog`df }ofozdeg`d%

D fh fd}nh ao owqo ahgucoeqh& of oejhtuo wo cdeqoea}& r}èg`rdfcoeqo& oe fdw

q}dewdgg`heow tuo wo ffozde h ruoaoe ffozd} d gdmh d q}dzw ao @eqo}eoq& ruowqh tuo ow of

gdedf cw ehzoahwh oe euowq}h oeqh}eh; eh hmwqdeqo; fhw ghcoeqd}`hw coeg`hedahw dtu eh

o|gfupoe fhw hq}hw gdedfow coeg`hedahw r}oz`dcoeqo ghch rhw`mfow rd}d }odf`yd}

q}dewdgg`heow ofogq}e`gdw%

DEQOGOAOEQOW AO FHW AOWD]]HFFHW OE MDEGD OFOGQ]E@GD

Ghch rha}ochw zo} oe fd w`nuòeqo f`wqd& rhgh d rhgh fhw mdeghw lde zoeàh hj}ogòeah

wo}z`g`hw ao mdegd ofogq}e`gd d wuw gfòeqow& fhw gudfow lde qoeàh dgorqdgè gdad zoy

cdph} p lde ro}c`qàh fhw aowd}}hffhw dgqudfow oe owqd cdqo}`d%

# Glotuow9 Fd èq}hauggè ao fd gheg`f`dgè ofogq}e`gd oeq}o mdeghw& rd}d dn`f`yd}

fhw r}hgowhw ao owqdmfog`còeqh ao wdfahw oe fdw gcd}dw ao ghcroewdgè%

= Owqd aojè`gè ow w`c`fd} d fd tuo wo oeguoeq}d oe fd Ofogq}he`g Jueaw Q}dewjo} Dgq ,4? _%W%G Wog% 4:07)&fop tuo ad of cd}gh fondf ao fdw q}dewjo}oeg`dw ofogq}e`gdw oe Owqdahw _eàhw%


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# Fdw qd}ioqdw ao g}a`qh p ao am`qh% Fd r}hf`jo}dgè ao w`wqocdw RAZ% A`glhw

w`wqocdw lde ro}c`qàh of dggowh o è`g`h ao q}dewdgg`heow ofogq}e`gdw d q}dzw ao

gheo|`heow a`}ogqdw oeq}o of mdegh& of zoeaoah} p of gfòeqo& rd}d }odf`yd}

hro}dg`heow ao ghcr}dzoeqd ao mòeow p wo}z`g`hw d q}dzw ao ued }oa go}}dad& ghe

gd}nh d fdw guoeqdw aof gfòeqo oe of mdegh oc`wh} ao a`gldw qd}ioqdw%

# Fhw Gdio}hw Duqhcq`ghw ,h W`wqocdw ao Q}dwjo}oeg`d Ofogq}e`gd ao Jheahw)% Oe

ue r}èg`r`h& owqhw w`wqocdw ro}c`qde of dggowh d fdw guoeqdw aof gfòeqo oe wu

mdegh& ghe of jè ao hmqoeo} ojogq`zh% Rhgh d rhgh& wo fo ddaoe jdg`fàdaow qdfow

ghch9 ghewufqd ao wdfahw p chz`còeqhw& }odf`ydgè ao q}dewjo}oeg`dw d guoeqdw

r}hr`dw& rdnhw d qo}go}hw& ghezo}wè ao cheoad ,hmqoeo} cheoad o|q}deio}d df q`rhao gdcm`h aof mdegh& aowao ued guoeqd oe cheoad fhgdf& h z`gozo}wd)& oqg%

# Fd Mdegd Qofoje`gd h Goeq}dfow @eqof`noeqow& d q}dzw ao fdw gudfow fhw gfòeqow

ruoaoe }odf`yd} ghewufqdw& rdnhw p q}dewjo}oeg`dw rh} coa`h ao fd feod qofoje`gd%

# Fd Mdegd rh} Gdmfo9 Dr}hzogleahwo ao fhw w`wqocd ao gdmfo go}}dah ,wodf

go}}dad) dfnuehw mdeghw a`wod}he èqo}jdgow ao dggowh d q}dzw ao fd wodf ao gdmfo

,q`rh ômQZ h} QZEoq)& fh tuo zòeo d wo} r}oaogowh} a`}ogqh ao fdw rnèdw ~om

ao fhw mdeghw oe fd dgqudfàda%

T_@EOW RD]Q@G@RDE OE _ED Q]DEWDGG@E OFOGQ]E@GD8

D a`jo}oeg`d ao ued hro}dgè a`}ogqd oe fdw hj`gèdw aof mdegh& oe aheao fd }ofdgè ao wqo

ghe of gfòeqo ow a`}ogqd p j}oeqo d j}oeqo& oe ued hro}dgè ofogq}e`gd ruoaoe ldmo} hq}hw

rd}q`g`rdeqow eh a`}ogqdcoeqo àoeq`j`gdahw% Owqhw euozhw rd}q`g`rdeqow fo ade euozdw

gd}dgqo}wq`gdw d fdw hro}dg`heow ofogq}e`gdw& dw ghch fdw o|rheoe d hq}hw }òwnhw% Rh}

owqh& ow `crh}qdeqo àoeq`j`gd} d owqhw rd}q`g`rdeqow& dw ghch d fhw ao}oglhw& aomo}ow p}owrhewdm`fàdaow tuo fow gh}}owrheaoe%

Oe ued q}dewdggè ofogq}e`gd ghezoeg`hedf ao mdegd ofogq}e`gd wo ruoao àoeq`j`gd} d

owqhw rd}q`g`rdeqow9

# Of Mdegh aof gfòeqo tuo è`g`d fd q}dewdggè%

# Of gfòeqo tuo è`g`d fd q}dewdggè


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DFFDE& Adeòf% MDEGD OFOGQ]E@GD9 _ED R]@CO]D DR]H\@CDG@E% Rn% ?

# Of r}hzooah} ao wo}z`g`hw ao }oa ,pd wod ao fd }oa ao gdio}hw& aof wo}z`g`h tuo

gheogqd fd }oa ao RAZ& of h fhw r}hzooah}ow ao wo}z`g`hw ao @eqo}eoq& oqg%)

# W` fd q}dewdggè ow ued ghcr}dzoeqd ao mòeow h wo}z`g`hw& qdcmè èqo}zòeo of

zoeaoah} aof r}haugqh ,dwucòeah tuo ow of ghcr}dah} of tuo è`g`d of r}hgowh ao

ghcr}d) p of mdegh ghe of tuo wqo q}dmdid%

# Fdw Duqh}àdaow ao Go}q`j`gdgè& tuòeow whe ,ghch wo q}dqd} rhwqo}`h}coeqo) fhw

tuo wo oegd}nde ao àoeq`j`gd} d fhw rd}q`g`rdeqow aoeq}h ao ued }oa ,pd wod ued }oa

èqo}ed h @eqo}eoq)7%

Gdad ueh ao owqhw rd}q`g`rdeqow rhwoo gò}qhw ao}oglhw& owq whcoqàh d a`zo}whw }òwnhw pqòeo aoqo}cèdadw }owrhewdm`fàdaow& wone fh dgh}adah oe fd fop z`noeqo p fhw gheq}dqhw

}odf`ydahw oeq}o fdw rd}qow% Oe of r}owoeqo ahgucoeqh ehw oejhgd}ochw oe dtuoffhw qocdw

tuo ghegò}eoe df mdegh& d wuw gfòeqow p rh} wuruowqh d fd duqh}àda }onufdqh}`d%

7 Rd}d ued a`wguwè dgo}gd ao gch ow tuo hro}d ued Duqh}àda Go}q`j`gdah}d& zdwo of Deo|h 4%


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DFFDE& Adeòf% MDEGD OFOGQ]E@GD9 _ED R]@CO]D DR]H\@CDG@E% Rn% :

@@% MDEGD OFOGQ]E@GD OE OF RO]

Of dzdego ao fd mdegd ofogq}e`gd oe of rdw eh owq qde r}hjueadcoeqo aowd}}hffdah ghch

wo ruaò}d& r}èg`rdfcoeqo aomàh d fd owgdwd roeoq}dgè ao @eqo}eoq oe of lhnd} p fd

ocr}owd& p df aowghehg`còeqh h qoch} ao fhw rhw`mfow gfòeqow dgo}gd ao wuw ao}oglhw p

}owrhewdm`fàdaow oe ued q}dewdggè ao owqo q`rh% Eh hmwqdeqo& of eco}h ao hro}dg`heow

tuo wo }odf`yde d q}dzw ao @eqo}eoq ld zoeàh oe ducoeqh oe fhw fq`chw cowow% Oe muoed

rd}qo& owqh wo aomo d fhw coeh}ow ghwqhw ao q}dewdggè ao a`gldw hro}dg`heow& qdeqh oe

q}cèhw ao qòcrh èzo}qàh ghch rh} of coeh} ghwqh cheoqd}`h ao ued q}dewdggè oe

feod; p df g}ogòeqo coe ao hrg`heow dggow`mfow aowao fdw rnèdw ~om ao fhw mdeghw%Rd}d }owdfqd} of r}`co} rueqh& gdmo coeg`hed} tuo& wone ue èjh}co ao fd Dco}`gde

Mdekèn Dwwhg`dq`he& of ghwqh ao ued q}dewdggè mdegd}`d ow ao !4%2> w` wo }odf`yd

a`}ogqdcoeqo oe fd zoeqde`ffd ao ued wugu}wdf& ao !2%?1 gudeah wo }odf`yd ued ffdcdad df

wo}z`g`h ao mdegd qofoje`gd& ao !2%=> gudeah wo ocrfod ue gdio}h duqhcq`gh& ro}h qde wfh

ao !2%24 w` wo }odf`yd rh} coa`h ao @eqo}eoq1%

Daocw ao fdw zoeqdidw rh} }oauggè ao ghwqhw& wo ruoao oegheq}d} hq}dw zoeqdidw ao fhw

wo}z`g`hw }odf`ydahw d q}dzw ao fd mdegd ofogq}e`gd& rd}d fhw gfòeqow& }owrogqh ao fhw

gdedfow q}da`g`hedfow ao hro}dg`heow ghe of mdegh9

# Dggowh fdw =1 lh}dw aof ad& aowao gudftuò} RG h a`wrhw`q`zh gheogqdah d @eqo}eoq

# ]oauggè ao fdw ghfdw oe fdw zoeqde`ffdw p gdio}hw duqhcq`ghw& dw ghch }oauggè

aof ghwqh ao wuofd ao ydrdqh? rd}d of gfòeqo tuo }odf`yd wuw q}dewdgg`heow oe feod

,ow aog`}& d q}dzw ao @eqo}eoq)%

# A`wrhe`m`fàda oe qòcrh }odf ao fd èjh}cdgè cw }ofozdeqo& ghch ghewufqd ao

wdfahw& }oz`wè ao }otu`w`qhw& oqg%

# A`wcèugè oe of qòcrh ao r}hgowdcòeqh ao fd èjh}cdgè& ruowqh tuo of mdeghfd hmqòeo a`}ogqdcoeqo d ued mdwo ao adqhw& d q}dzw ao ue jh}cdqh r}oaojèàh%

1 G`qdah oe9 O#Mdegd% rn 4: 4>% Oe9 M_W@EOWW% Eonhg`hw oe of Ro}% F`cd& Co}gdahw Ghewufqh}d pRumf`gdg`heow% Dh Z@@& E :> ,Dm}`f ao =222)%? Wo }ojò}o df mdih ghwqh oe tuo ègu}}o ue dnoeqo rh} }odf`yd} ued hro}dgè fozocoeqo chfowqd& ro}h tuoaomo wo} }odf`ydad zd}`dw zogow ,ghch `} d }oq`}d} rotuodw gdeqàdaow ao aèo}h aof mdegh& ndwqdeah wuofd aoydrdqh ghejh}co wo zd df mdegh p wo }on}owd ao wqo)% Ow ue ghwqh }ofozdeqo gudeah wo qhcd oe guoeqd wuwojogqhw dn}ondahw d fh fd}nh ao ue ro}hah ao qòcrh }ofdq`zdcoeqo fd}nh%


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DFFDE& Adeòf% MDEGD OFOGQ]E@GD9 _ED R]@CO]D DR]H\@CDG@E% Rn% >

# Q}dewrd}oeg`d ao fd èjh}cdgè oeq}o ghcroqàh}ow& ruowqh tuo of gfòeqo ruoao

ghcrd}d} fhw wo}z`g`hw& ghea`g`heow p qd}`jdw tuo hj}ogoe a`wqèqhw mdeghw rh}

r}haugqhw w`c`fd}ow%

Rh} hq}d rd}qo& fd dgorqdgè ao fhw r}haugqhw p wo}z`g`hw tuo hj}ogo fd mdegd ofogq}e`gd ow&

ghch wo coeg`he r}oz`dcoeqo& de f`c`qdah& aomàh d fd jdfqd ao ghehg`còeqh& dggowh h

ghej`deyd ao rhqoeg`dfow gfòeqow% Oe ued o|rhw`gè }odf`ydad rh} Z`wdeoq oe dnhwqh ao

=222: wo r}owoeqd}he fhw }owufqdahw ao ued oeguowqd }odf`ydad rh} offhw d ue n}urh ao

l`wrdehw oe Owqdahw _eàhw% Mdih fd r}onueqd9 ]dyheow rd}d eh ghcr}d} oe @eqo}eoq& of

?=%:/ ao fdw }owruowqdw owquzò}he }ofdg`hedadw d qocdw ao wonu}àda& wòeah fd r}èg`rdf}owruowqd9 Eh qoenh ghej`deyd oe of r}hgowh ,=0%0/)& còeq}dw tuo ue ?/ ao fhw

oeguowqdahw wodf qoeo} dfne r}hmfocd ao dggowh d @eqo}eoq%

Oe fd c`wcd o|rhw`gè& wo wodf ghch r}èg`rdfow md}}o}dw rd}d fd a`juwè ao fdw

q}dewdgg`heow zd @eqo}eoq fdw w`nuòeqow9

# Jdfqd ao ued cdwd g}q`gd ao uwud}`hw ao @eqo}eoq tuo r}hcuozd of aowd}}hffh

dgofo}dah aof ghco}g`h ofogq}e`gh%

# Aowghej`deyd aof gfòeqo deqo fd r}aàd ao fd q}dewdggè gd}d d gd}d& ow aog`}& df

eh rhao} èqo}dgqud} ghe dfnuòe tuo& ao gò}qd jh}cd& zdfào fd q}dewdggè ,whm}o

qhah oe gdwh ao ghcr}dw h q}dewjo}oeg`dw ao aèo}h)%

# Mdih e`zof ao a`juwè ao fhw w`wqocdw ao wonu}àda oe fdw q}dewdgg`heow

ofogq}e`gdw& aomàh df ghwqh ao `crfocoeqdgè ao fhw r}hqhghfhw ao wonu}àda WWF

p WOQ> tuo wo uwde rd}d r}hqono} a`gldw q}dewdgg`heow%

# Owgdwh aowd}}hffh oe fhw wo}z`g`hw ao oezh ao r}haugqhw ,oe of cm`qh fhgdf o

èqo}edg`hedf)%

# Jdfqd ao ued gufqu}d ao ghcr}d d a`wqdeg`d& h ao }odf`ydgè ao q}dewdgg`heow da`wqdeg`d% Jdfqd ao ghej`deyd oe owqhw w`wqocdw%

: Z@WDEOQ% Ghco}g`h Ofogq}e`gh Wonu}h% O|rhw`gè }odf`ydad oe of cd}gh aof Wocèd}`h9 Ghco}g`hOfogq}e`gh Jueadcoeqhw p O|ro}òeg`dw% R_GR& 41 4: ao dnhwqh ao =222% Fdw o|rhw`g`heow}odf`ydadw wo ruoaoe oegheq}d} oe lqqr9((~~~%rugr%oau%ro(ozoeqhw(ghcofog>R}hqhghfh WWF ,Wogu}o Whgkoqw Fdpo}& h E`zof ao Gheo|`heow Wonu}dw)& ow ue w`wqocd ao wonu}àda tuo wouwd rd}d r}hqono} fdw ghcue`gdg`heow oeq}o ahw ghcruqdah}dw h wo}zàh}ow% R}hqhghfh WOQ ,Wogu}o Ofogq}he`gQ}dewdgq`he& h Q}dewdgg`heow Ofogq}e`gdw Wonu}dw)& ow ue w`wqocd ao wonu}àda tuo q}dwc`qo p zdfàd fdwq}dewdgg`heow ofogq}e`gdw gudeah wo ldgo ued ghcr}d rh} @eqo}eoq& uwdeah ued qd}ioqd ao g}a`qh h w`c`fd}%Rd}d ued o|rf`gdgè ao gch ow tuo jueg`hede owqhw r}hqhghfhw& zdwo of deo|h e =%


8/43

DFFDE& Adeòf% MDEGD OFOGQ]E@GD9 _ED R]@CO]D DR]H\@CDG@E% Rn% %= lh}dw(wocded%

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of Ro} ducoeqd oe :/; p of qòcrh r}hcoa`h ao edzondgè& oe 4?/

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# Oe Owqdahw _eàhw ldm} =< c`ffheow ao uwud}`hw%

# Ou}hrd qoea} =1 c`ffheow ao uwud}`hw%

# Fdqèhdc}`gd qoea} uehw 42 c`ffheow ao uwud}`hw ao mdegd ofogq}e`gd d q}dzw ao

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14/43


# Wone IR Ch}nde& rh} fh coehw 42 c`ffheow ao ou}hrohw }odf`yde dfnued

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ao gfòeqow aof Mdek Heo p of 0/ ao fhw 4? c`ffheow ao gfòeqow aof ôffw Jd}nh

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15/43

DFFDE& Adeòf% MDEGD OFOGQ]E@GD9 _ED R]@CO]D DR]H\@CDG@E% Rn% 4?

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16/43

DFFDE& Adeòf% MDEGD OFOGQ]E@GD9 _ED R]@CO]D DR]H\@CDG@E% Rn% 4:

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17/43

DFFDE& Adeòf% MDEGD OFOGQ]E@GD9 _ED R]@CO]D DR]H\@CDG@E% Rn% 4>

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18/43

DFFDE& Adeòf% MDEGD OFOGQ]E@GD9 _ED R]@CO]D DR]H\@CDG@E% Rn% 4%

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21/43

DFFDE& Adeòf% MDEGD OFOGQ]E@GD9 _ED R]@CO]D DR]H\@CDG@E% Rn% =4

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22/43

DFFDE& Adeòf% MDEGD OFOGQ]E@GD9 _ED R]@CO]D DR]H\@CDG@E% Rn% ==

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23/43


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24/43


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25/43

DFFDE& Adeòf% MDEGD OFOGQ]E@GD9 _ED R]@CO]D DR]H\@CDG@E% Rn% =?

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26/43

DFFDE& Adeòf% MDEGD OFOGQ]E@GD9 _ED R]@CO]D DR]H\@CDG@E% Rn% =:

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27/43

DFFDE& Adeòf% MDEGD OFOGQ]E@GD9 _ED R]@CO]D DR]H\@CDG@E% Rn% =>

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ghch r}hjow`hedfcoeqo%

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Hq}dw }oghcoeadg`heow whe9

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28/43

DFFDE& Adeòf% MDEGD OFOGQ]E@GD9 _ED R]@CO]D DR]H\@CDG@E% Rn% =)

# Aojè`gè ao ahgucoeqh h}`nèdf ,D}q%


31/43


32/43

DFFDE& Adeòf% MDEGD OFOGQ]E@GD9 _ED R]@CO]D DR]H\@CDG@E% Rn% 7=

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wu}nòeah& ro}h d wu zoy ègàoe oe fdw }odw oe fdw tuo of }òwnh wo èg}ocoeqd% Fhw 41

r}èg`r`hw tuo gheqòeo owqo ahgucoeqh wo dn}urde oe q}ow gdqonh}dw9

# Wuro}z`wè aof A`}ogqh}`h p ao fd No}oeg`d ,r}èg`r`hw 4 d 7)

# Gheq}hfow ao wonu}àda ,r}èg`r`hw 1 d 42)

# No}oeg`d ao ]òwnh Fondf p ]oruqdg`hedf ,r}èg`r`hw 44 d 41)

Dw`c`wch& a`glh ahgucoeqh gheqòeo wo`w deo|hw tuo wodfde a`wqèqdw r}gq`gdw noeo}dfow

wdfuadmfow ,d cdeo}d ao glogkrhèqw) oe }odw qdfow ghch gheq}hf ao wonu}àda& huqwhu}gèn&

duqh}`ydgè ao drf`gdg`heow& dua`qh}d& r}`zdgàda ao fd èjh}cdgè p rfdeow aogheqènoeg`d%

o) R}hgoa`còeqhw ao ]oz`wè ao fd Whfàoy p Wonu}àda ao fd Mdegd Ofogq}e`gd7 MDWFO GHCC@QQOO HE MDEK@EN W_RO]Z@W@HE% ]`wk Cdednocoeq R}èg`rfow jh} Ofogq}he`gMdekèn& Mdw`fod& Cdph =224% Oe a`glh ahgucoeqh ao q}dmdih wo wodfde dfnuehw r}èg`r hw noeo}dfow tuo woaomoe qhcd} oe guoeqd oe fd wuro}z`wè r}uaoeg`df ao fdw dgq`zàdaow ao mdegd ofogq}e`gd%7


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@ejh}cdgè ,E`zof @@)& p W`wqocdw Ghcrfoqhw ao Q}dewdgg`heow o @ejh}cdgè

,E`zof @@@)& aojèòeah fhw g}`qo}`hw ao gdad ueh ao owqhw e`zofow%

# ]òwnhw9 Dtu wo ldgo ue o|dcoe ao fhw }òwnhw d fhw tuo wo whcoqo ue mdegh df

ldgo} dgq`zàdaow ao mdegd ofogq}e`gd%

# Nowqè ao ]òwnhw9 Oe owqd rd}qo& of ahgucoeqh èa`gd dfnuehw rueqhw d qoeo} oe

guoeqd d fd lh}d ao a`wod} ue rfde ao Nowqè ao ]òwnhw& dw ghch wo ade dfnuedw

}oghcoeadg`heow ghe }owrogqh d gò}qhw }òwnhw ruequdfow oe cdqo}`d ao wonu}àda

# R}hn}dcd ao O|dcèdgè9 Owqd woggè aowg}`mo of r}hn}dcd ao o|dcèdgè tuo

}odf`yd of JA@G df ozdfud} d ue mdegh& ldgòeah a`wqègè oeq}o fhw rueqhw tuo wo

}oz`wde aoeq}h ao gdad }od p wone of E`zof ao fhw w`wqocdw aof mdegh% Fhw qowqwtuo wo fo ldgoe owqe ghewq}uàhw ao cdeo}d chaufd}& ao qdf jh}cd tuo ue mdegh ghe

w`wqocdw E`zof @@@ qòeo tuo rdwd} rh} fhw qowqw rd}d fhw w`wqocdw E`zof @ p E`zof @@

qdcmè% Fdw }odw ao ozdfudgè ao fhw w`wqocdw whe9

Rfdeodcòeqh o @crfocoeqdgè

Rhfq`gdw p R}hgoa`còeqhw Hro}dq`zhw

Dua`qh}d

Qocdw Fondfow p ]onufdqh}`hw

Dacè`wq}dgè

]ofdgè ghe Qo}go}hw p Huqwhu}gèn

Daocw& wo r}owoeqde fhw g}`qo}`hw ao ozdfudgè p ued f`wqd ao ahgucoeqhw tuo wo

ruoaoe whf`g`qd} rd}d ghcrfocoeqd} fd ozdfudgè%


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FON@WFDG@E EDG@HEDF

Fd a`juwè ao fhw wo}z`g`hw ao @eqo}eoq oe of rdw& dw ghch of ducoeqh oe of rmf`gh

hmioq`zh p oe fhw uwud}`hw ao a`glhw wo}z`g`hw& ld `crufwdah qdcmè fd r}hauggè ao

eh}cdw drf`gdmfow df cm`qh aof ghco}g`h ofogq}e`gh p d fhw wo}z`g`hw ofogq}e`ghw oe

noeo}df%

d) Fop ao Ao}oglhw ao Duqh} ,A%F% E =04)

Owqd fop cha`j`gd ahw d}qgufhw aof Ga`nh G`z`f& ro}c`qòeah fd cde`jowqdgè fd ao

zhfueqda d q}dzw ao coa`hw ofogq}e`ghw& dw ghch hqh}ndeah fd zdfàoy d fd j`}cd

ofogq}e`gd p d fhw dguwow ao }og`mh noeo}dahw ofogq}e`gdcoeqo& ldpde wàh

cdeudfcoeqo h duqhcq`gdcoeqo noeo}dahw%

g) Fop whm}o j`}cdw a`n`qdfow ,Fop E =>=:0)

Owqd fop q}dqd ao ue`jh}c`yd} fd ehcoegfdqu}d }ojo}àd d fdw j`}cdw ofogq}e`gdw p

go}q`j`gdahw a`n`qdfow& p wodfd dfnuedw r}og`w`heow whm}o gueah ued j`}cd ofogq}e`gd

qòeo of c`wch zdfh} tuo ued j`}cd cdeuwg}`qd p tuèow owqe duqh}`ydahw d oc`q`}

go}q`j`gdahw a`n`qdfow zfàhw oe of Ro}& ghe of jè ao rhao} noeo}d} a`gldw j`}cdw

ofogq}e`gdw% Owqd fop wo }onfdcoeq coa`deqo of Aog}oqh Wur}och E 240#=22=#I_W&

oe aheao wo wodfd& oeq}o hq}hw aoqdffow& tuo @EAOGHR@ ow fd oeqàda tuo wo oegd}nd}

ao dr}hmd} fhw go}q`j`gdahw a`n`qdfow p ao duqh}`yd} d fdw èwq`qug`heow tuo fh whf`g`qoe doc`q`} a`glhw go}q`j`gdahw&%

a) Fop ao Aof`qhw @ejh}cq`ghw ,Fop E =>720)

Fd juegè ao owqd fop ow q`r`j`gd}& oe of Ga`nh Roedf& aof`qhw }ofdg`hedahw ghe of

dggowh èaomàh d w`wqocdw ao ghcruqdah}dw h mdwow ao adqhw%


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DFFDE& Adeòf% MDEGD OFOGQ]E@GD9 _ED R]@CO]D DR]H\@CDG@E% Rn% 7?

o) R}hpogqh ao Fop9 whm}o Ghco}g`h Ofogq}e`gh

Owqo r}hpogqh ao fop muwgd rheo} oe z`noeg`d fd Fop Chaofh ao fd GE_AC@ whm}o

Ghco}g`h Ofogq}e`gh oe of Ro}& oe fd gudf& ghch wo z`h r}oz`dcoeqo& wo eh}cdmd fd

zdfàoy p fondfàda ao fdw ghcue`gdg`heow ofogq}e`gdw& aoeq}h ao ue owtuocd dahrqdah

d e`zof èqo}edg`hedf%


36/43

DFFDE& Adeòf% MDEGD OFOGQ]E@GD9 _ED R]@CO]D DR]H\@CDG@E% Rn% 7:

Z% GHEGF_W@E9 F@EODC@OEQHW MW@GHW RD]D _ED R]HR_OWQD

]ON_FDQH]@D%

Fuonh ao }oz`wd} fd ozhfugè aof wogqh} mdegd}`h oe r}haugqhw p wo}z`g`hw ao mdegd

ofogq}e`gd oe of rdw& fhw }òwnhw tuo wqd `crf`gd p fdw r}hruowqdw p aowd}}hffhw oe cdqo}`d

fondf& rhaochw zo} fhw dzdegow adahw df }owrogqh whe wdq`wjdgqh}`hw& oe gudeqh pd wo hmwo}zd

ued qhcd ao ghegòeg`d whm}o fhw dzdegow qogehfn`ghw& wuw zoeqdidw o `crf`gdg`heow rd}d fd

}ofdgè oeq}o r}hzooah}ow p uwud}`hw ao fhw a`wqèqhw wo}z`g`hw% Wè ocmd}nh& fd

àoeq`j`gdgè ao }òwnhw logld oe owqo ahgucoeqh aoid oeq}ozo} tuo ldp dfnuehw qocdw tuo

de eh lde wàh q}dqdahw oe fd r}hjueaàda aomàd& fhw gudfow aomo}e wo} fhw tuo }og`mdecdph} dqoegè d fd lh}d ao è`g`d} ue owqua`h cw r}hjueah oe fd cdqo}`d%

Fh r}`co}h tuo wdfqd d fd z`wqd ow fd jdfqd ao aojè`g`heow p ao dguo}ahw oeq}o fdw rd}qow& rd}d

zo} fd drf`gdm`fàda ao fdw eh}cdw o|`wqoeqow d fhw euozhw r}haugqhw p wo}z`g`hw% Owqh ruoao

noeo}d} r}hmfocdw ghejh}co ducoeqo fd gdeqàda ao uwud}`hw ao wo}z`g`hw ao mdegd

ofogq}e`gd%

Rh} oiocrfh& fdw rumf`gdg`heow tuo ldgoe fhw mdeghw oe wuw rnèdw ~om& deueg`deah fdw

ghea`g`heow ao wuw r}haugqhw& qòeoe zdfàoy p o|`n`m`fàda fondf8 Tu ow fh tuo aomo

èa`gd} ued rnèd ~om w` ow tuo wo rfdeod ldgo} aorw`qhw oe feod h q}dewjo}oeg`dw oeq}o

guoeqdw8 Fhw èwq}ucoeqhw ghch fdw qd}ioqdw QZD& owqe wuioqdw d }otuo}`còeqhw ao

oegdio8 Fhw jheahw whm}o fhw tuo wo }owrdfade fdw q}dewdgg`heow ao a`gld qd}ioqd& owqe

gumò}qhw rh} of JWA8 Tu }otuo}`còeqhw wo fo o|`n`}e d èwq}ucoeqhw ao aèo}h

ofogq}e`gh& gudeah drd}oygde8

Rh} hq}d rd}qo& adah tuo of dfgdego ao @eqo}eoq ow cuea`df& tu fon`wfdgè wo drf`gd oe

gdwh ao ued hro}dgè èqo}edg`hedf8 Aomo aog`}fh owh of mdegh& wo} ue dguo}ah oeq}o of

mdegh p of gfòeqo& h aomo whcoqo}wo d fd ghcroqoeg`d ao ued fop èqo}edg`hedf8 Gueo|ruowqh p r}ord}dah owq of mdegh deqo ue r}hmfocd fondf& rh} ègo}qàucm}o aof cd}gh

fondf drf`gdmfo8 Ao tu cdeo}d wo coa`}d p gch wo wdeg`hed}d ued o|rhw`gè d owqo

q`rh ao }òwnh8 Ow ao wucd `crh}qdeg`d& adah owqo euozh ro}j`f ao }òwnh& of owqdmfog`còeqh

ao }ofdg`heow ao èqo}gdcm`h ao èjh}cdgè oeq}o fhw a`wqèqhw wuro}z`wh}ow mdegd}`hw& ghe

of jè ao jdg`f`qd} of wonu`còeqh ao a`gldw q}dewdgg`heow èqo}edg`hedfow%


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DFFDE& Adeòf% MDEGD OFOGQ]E@GD9 _ED R]@CO]D DR]H\@CDG@E% Rn% 7>

Fhw r}hmfocdw cw wo}`hw tuo r}owoeqde fdw euozdw qogehfhndw whe& hmz`dcoeqo& r}hmfocdw

qogehfn`ghw% Ro}h gudeah wqhw hgu}}oe& tuè ow of }owrhewdmfo8 W`& au}deqo ued

q}dewdggè oe fd rnèd ~om aof mdegh& ue qo}go}h fhn}d drhao}d}wo ao fhw adqhw ao fd

qd}ioqd aof gfòeqo p ghcoqo ued hro}dgè j}duaufoeqd& tuè aomo wo} }owrhewdm`f`ydah rh}

of o}}h}8 Wod gudf wod fd }owruowqd& owq a`gld }owruowqd o|rfg`qdcoeqo owrog`j`gdad oe fhw

q}cèhw ao wo}z`g`h8 P ghe }owrogqh ao fd wonu}àda ao fhw w`wqocdw& wo aomoe o|`n`}

}otu`w`qhw ce`chw d fhw mdeghw8 W` ow dw& ao tu cdeo}d wo o|`n`}de p ao tu cdeo}d wo

}oz`wd}de8 Tu wdegè aomo wo}fo drf`gdad d ue mdegh guphw w`wqocdw eh aocuowq}oe fd

wonu}àda wuj`gòeqo8 Pd tuo o|`wqo ue fèodcòeqh ao }òwnhw noeo}dfow& ued nud ao

r}hgoa`còeqhw ao o|dcèdgè ao w`wqocdw& aomo wo} owqd nud ue ahgucoeqh rmf`gh,ghch oe of gdwh aof JA@G)8

Daocw& wo ld z`wqh tuo of mdegh& rd}d }odfyd} of wo}z`g`h tuo m}èad d wuw gfòeqow& ruoao

ad} wo}z`g`hw da`g`hedfow& eh mdegd}`h& tuo gheq}dqd ghe qo}go}hw% W` of mdegh m}èad hq}hw

wo}z`g`hw& drd}qo ao fhw r}hr`dcoeqo mdegd}`hw& tuè }onufd fd r}hz`wè ao a`glhw

wo}z`g`hw8 Ldwqd aeao aomo wo} }owrhewdmfo rh} adhw gduwdahw d fhw gfòeqow tuo uwd}he

owqhw wo}z`g`hw8

Oe noeo}df& Tu aomo gheqoeo} ue rfde daogudah ao gheqènoeg`d ao fd oeqàda jèdegò}d

rd}d cè`c`yd} of `crdgqh& whm}o wuw gfòeqow& ao gudftuò} jdffd oe fhw wo}z`g`hw ao mdegd

ofogq}e`gd tuo r}hzoo8

Owqhw whe wfh dfnuedw guowq`heow tuo de eh lde wàh }owuofqdw& p tuo aomoe wo} owqua`dadw

ghe cw aoqdffo rd}d rhao} a`wod} ued }onufdgè ojogq`zd whm}o mdegd ofogq}e`gd% Ow

gò}qh tuo& df wo} ue oeqh}eh euozh& èg`ròeqo p oe aowd}}hffh& }otuo}`còeqhw cup owq}`gqhw

ruoaoe aowdfoeqd} of g}og`còeqh ao fd hjo}qd ao r}haugqhw oe owqo wogqh}% Wè ocmd}nh&

aoid} owqhw qocdw wè daogudah q}dqdcòeqh ruoao gduwd}& oe of coa`deh rfdyh& ued

o|rhw`gè ghewào}dmfo d fhw }òwnhw q}dqdahw oe of r}owoeqo ahgucoeqh& fh gudf rha}dcèd} fd ghej`deyd oe fhw wo}z`g`hw ao mdegd ofogq}e`gd& h ldwqd djogqd} of r}hr`h w`wqocd

mdegd}`h%


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banca electrÓnica: posibilidades, riesgos y lineamientos regulatorios – una primera aproximaciÓn...

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