Superintendency’s strong stance on anti-money laundering
October 06 2023
anti money laundering

In a strategic move to underscore its renewed commitment to combat money laundering, the Superintendency of Companies has announced the initiation of two sanction proceedings against companies and their legal representatives. These actions come in response to alleged failures in implementing effective risk prevention compliance programs mandated by local anti-money laundering regulations, known as SAGRILAFT. If found guilty, these companies could potentially face fines of up to approximately USD 54,000 per confirmed violation.

This development follows a recent sanction imposed earlier this month for violations related to anticorruption compliance programs. The Superintendency’s message is clear: it is ramping up controls and sanctions. With approximately 1,200 compliance officers operating within entities under its jurisdiction, heightened scrutiny on the implementation of risk prevention systems is on the horizon.

Original source in Spanish.