South America

Regional Guide

Guide Sanction Scanner


Global AML Guide

1. Are there any sanctions imposed against Colombia?
    There are no sanctions imposed against Colombia.
2. What are the regulated institutions in Colombia?
    Bank, insurance companies, savings and loans cooperatives, casinos, currency exchange, law firms, real estate agents.
3. Who are the local regulatory authorities in Colombia, and which government authorities are responsible for the investigation and prosecuting money laundering criminal offenses?
    Colombia’s Financial Intelligence Unit (FIU), Financial Information and Analysis Unit(UIAF), Financial Services Commision(FSC), Unified Commercial and Social Registry(RUES).

    The Ministry of Justice and Laws' role is to support and promote government policies regarding AML in Colombia. In addition, the Colombian Ministry of Justice and Law gives organizations new recommendations on AML.
4. What is the status of Colombia's FATF?
    According to the recent Mutual Assessment Report on implementing anti-money laundering and counter-terrorism financing standards in Colombia, Colombia has been deemed Compliant for 9 of the FATF 40 Recommendations and Largely Compliant for 14.
5. Which global regulations Colombia have to comply with?
    Colombia largely complies with the comprehensive AML regulations established by international organizations. Colombia is obliged to FATF Recommodiation. Also, It is a member of the United Nations.
6. What are the AML obligations of the businesses in Colombia?
    Colombia is a country that has taken strong measures against money laundering crimes. Under Colombian AML / CTF laws, a financial institution may act with law enforcement if it suspects any money laundering activity against its client.

    Besides, the financial sector has general negligence laws and criminal fraud provisions to protect consumer rights.
7. What are the local AML laws and regulations in Colombia?
    The Ministry of Justice and Law (MLA) is the local law in Colombia.
8. What are the penalties for failure to comply with Anti-Money Laundering law in Colombia?
    Colombia has effective penalties against money laundering and terrorist financing. In this context, financial institutions involved in money laundering activities are subject to hefty fines.
9. What are the contact details of the relevant regulators in Colombia?
    Unified Commercial and Social Registry(RUES)
    Avenida El Dorado nro. 68D-35, Bogotá (Bogotá D.C.), Colombia
    Phone: 3830330, #383 o 5941000
10. Are violations of anti-money laundering obligations also subject to criminal sanctions in Colombia?
    Yes, money laundering and terrorist financing criminals in Colombia are subject to criminal sanctions under FATF and some national regulations.
11. What can oblige institutions do to prevent money laundering and to comply with AML regulations in Colombia?
    Sanction Scanner is an AML compliance software that provides Sanctions and PEP scanning services. It also helps businesses better manage AML and KYC processes. Sanction Scanner complies with AML obligations in Colombia.

    With our Anti-Money Laundering solutions developed with artificial intelligence, companies protect themselves from legal penalties. You can contact us to get information about Sanction Scanner AML Compliance Solutions. For more detailed information, you can contact us or request a demo.