August 31 2016
On August 19, 2016, the Superintendence of Companies issued a modification to the Basic Legal Circular (No. 100-000006), which, among other matters, regulated which companies, according to their economic sector, are required to adopt Self-control and Risk Management Systems against Money Laundering and Terrorist Financing (in Spanish, SAGRALAFT), to the extent that such companies meet all of the following criteria or requirements, per sector.
Failure to comply with this regulation can result in fines, successive or not, to be imposed by the Superintendence of Companies to the company and/or its officers, up to 200 minimum legal wages (COP$137,891,000, c. USD$45,900).