The IRS recently started to do this unrestrictedly.
US IRS/Biden had similar thing in US. They of course already have Fatca for the international accounts and of course IRS can get your US account info when you are under audit or suspicion.
But now what I will call domestic Fatca or Datca is in the US as well where its essentially automated reporting so that they can find juicy plums of audit targets. Not sure it is in force but probably is
So chile doing the same now
Its going to be less effective in chile though because cash is still the real king here for the vast majority of people
Just FYI, MercadoLibre and Shopee Chile both report to SII and Mercadolibre users with significant sales from 2020 onwards have been audited.
All business Credit and Debit card transactions have been routinely reported by Transbank to the SII since 2010. If they have been given powers to do the same with individuals, they can easily triangulate transactions to identify suspicious activity.
And the SII can remove cash from a company bank account whenever they want, with a minimum of notification. They did that to us, and it took nearly 2 years to claw it back.
Since cash is still under the SII radar, and the country is awash with drug money, I can imagine a future law that obliges vendors, like car dealers, to report large cash payments.
Even BancoEstado will refuse to accept large cash deposits to an account without investigation, to avoid becoming complicit in Money Laundering.
I used to work in the AML dept at BoA yrs ago. I can safety testify that an individual once flagged for any type of “suspicious activity” is guilty… not guily until proven innocent. you are just simply guilty.
This is where crypto comes into play.