In December 2020, the Superintendency of Companies issued External Circular No. 100-000016, which comprehensively modified Chapter X of its Basic Legal Circular, establishing new rules for Self-Control and Comprehensive Risk Management of Money Laundering, Terrorism Financing and Financing of the Proliferation of Weapons of Mass Destruction (SAGRILAFT).
Implementation obligation
This regulation aims to ensure that companies supervised by the Superintendency of Companies implement robust systems for self-control, management, identification, segmentation, qualification and constant updating of risks related to money laundering and terrorist financing.
Companies that, in the immediately preceding year, have reported income or assets equal to or greater than 1,000 current legal monthly minimum wages (SMMLV) are required to implement SAGRILAFT.
Sectors under special surveillance
This includes specific companies and activities such as:
- Real estate agents
- Precious metals trading
- Legal and accounting services
- Construction of buildings and civil engineering works
- Services related to virtual assets
In addition, sectors subject to special supervision include:
- Administrators of commercial self-financing plans
- Payroll loan operators
- Multi-level marketing activities
- Livestock funds
- Factoring companies
Content and structure of SAGRILAFT
The system must contain, among other components:
- Internal policies for the prevention of money laundering and terrorist financing.
- Plans for the design, approval, monitoring and continuous improvement of the system.
- Dissemination and training mechanisms aimed at all levels of the organization.
- Manuals that define rules of conduct, functions and responsibilities of administrators, employees and related third parties.
Those responsible for implementation
The responsibility lies with the company’s highest governing bodies: the shareholders’ meeting, the board of directors, the legal representative, and the statutory auditor. It is recommended to have a Compliance Officer and specialized audits to ensure the effectiveness of the Anti-Money Laundering and Counter-Terrorist Financing System (SAGRILAFT).
The role of the Compliance Officer
This person must be a qualified individual with technical knowledge in risk management, occupy a strategic position in the organizational structure, have autonomy to make decisions regarding compliance, and report directly to the highest governing body.
In business groups, the same Compliance Officer can serve in the parent company and subsidiaries.
Training and support
Given the complexity and importance of the SAGRILAFT (Anti-Money Laundering and Counter-Terrorist Financing System), it is recommended that companies seek specialized advice to implement it correctly. Furthermore, training courses are available for compliance officers to professionalize this crucial function.
Contact and support
For advice on the implementation of SAGRILAFT and training as a compliance officer, specialized services and courses are offered, such as those available through law firms and recognized training entities.
Implementing SAGRILAFT represents a significant step forward in the fight against money laundering and terrorist financing in Colombia, strengthening the integrity and sustainability of the business sector.
