Sanction for failure to implement SAGRILAFT

14 June, 2024
failure to implement sagrilaft

By Resolution 200-006813, the Superintendency of Companies appellate body upheld a first-degree sanction against a company dedicated to importing and distributing steel for not adopting the SAGRILAFT in 2022, when its implementation deadline expired.

As a result, four fines were confirmed for non-compliance with Chapter X of the Basic Legal Circular. Specifically, the confirmed fines amounted to:

  • $70,000,000 COP for not implementing the SAGRILAFT elements described in numeral 5.1 of the Circular.
  • $70,000,000 COP for not applying the SAGRILAFT stages described in numeral 5.2 of the Circular.
  • $70,000,000 COP for not designing or applying the due diligence processes described in numeral 5.3 of the Circular.
  • $70,000,000 COP for not filing the Suspicious Transaction Report (ROS) or the Absence of Suspicious Operations Report (AROS).

It is also worth noting that a fine of $37,500,000 COP was confirmed against the legal representative for failing to comply with the obligations of numeral 5.1.4.2, which sets forth the minimum duties and commitments required from such officers in relation to the implementation of the SAGRILAFT. Separately, the appeal overturned the fine imposed on the external auditor.

Finally, the Deputy Superintendent for Economic Affairs emphasized in the resolution that payment of the sanction does not exempt compliance with the provisions of the Basic Legal Circular.

Categories

Archive

Archives

Categories

Archive

Archives