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Requirements to Become a SAGRILAFT Compliance Officer in Colombia

·Colombia

The Compliance Officer for the prevention of money laundering (ML), terrorist financing (TF) and the financing of the proliferation of weapons of mass destruction (PF) plays a fundamental role in protecting organisations from unlawful activity and in fostering a culture of ethics and transparency in business.

Requirements before the Superintendence of Companies

In Colombia, the requirements may vary depending on the supervisory body. Set out below are the requirements in the case of the Superintendence of Companies:

  1. Be domiciled in Colombia.

  2. The Compliance Officer must hold a professional qualification and evidence at least six (6) months' experience in roles related to managing the SAGRILAFT and, in addition, evidence knowledge of ML/TF/PF risk management through a postgraduate qualification, courses, diplomas, seminars, conferences or similar, including but not limited to any training programme offered, or to be offered, by the UIAF to the actors of the national anti-money laundering and counter-terrorist financing system.

  3. Have the authority to take decisions to manage ML/TF/PF risk, communicate directly with the board of directors —or the highest corporate body where there is no board— and report directly to it.

  4. Not belong to the management or corporate bodies, nor to the statutory audit function (acting as statutory auditor or being linked to the audit firm performing that function, where applicable), nor act as internal auditor or perform similar or equivalent duties at the Obligated Company. That prohibition should not be understood to extend to those who support the work of the audit or internal control bodies.

  5. Not have been implicated for alleged involvement in activities related to money laundering, terrorist financing or the financing of the proliferation of weapons of mass destruction.

  6. Have a team commensurate with the size of the company and its ML/TF/PF risk.

  7. Not act as Compliance Officer at more than ten Obligated Companies and, where acting at more than one, the Compliance Officer must certify that the companies they serve are not in competition with each other.

  8. Where the Compliance Officer is not an employee of the Obligated Company, that individual and the legal entity they are linked to, where applicable, must demonstrate that their professional activities comply with the minimum measures set out in Chapter X.

  9. Where there is a business group or a declared control situation, the Compliance Officer of the parent or controlling company may be the same person for every company in the group or conglomerate, regardless of how many companies it comprises.

Source: CE100-000016-20; CE100-000004-21, Superintendence of Companies.

At Líderes Empresariales APLA we specialise in training and advising compliance officers, and in implementing money laundering, terrorist financing and proliferation financing prevention rules for the various obligated entities. If you need help, do get in touch.

Our compliance officer training programme prepares you to take on the role with up-to-date regulations.