On April 3rd, the Colombian Superintendence of Finance (SFC) published a draft proposal to regulate the minimum security and quality requirements concerning operations, access and information for financial services consumers. SFC thus hopes to keep its current regulatory framework up to speed with the transforming financial systems and the rise of Fintech in particular. SFC will take comments via [email protected] up to and including April 25. The final version of the proposal is expected to be published in the weeks following this date.
The text proposes to incorporate instructions relating to the implementation and use of biometric factors in the provision of financial services as well as instructions around safety and quality of the delivery of operations. It also establishes rules for the exchange of information on the products of the supervised entities. The affected entities must communicate to SFC a transition plan in order to be able to comply with the instructions within twelve months of their publication. Finally, credit institutions must ensure that international transactions are not compromised during this period.