SFC Presents Supervisory Committee and Best Practice Anti-Money Laundering Guidelines
25 septiembre 2020

COLOMBIA

 

On September 23, the Colombian Financial Superintendency (SFC) presented the new Money Laundering Prevention Supervisory Committee, designed to coordinate work by the sectors’ principal actors regarding oversight policies and methodologies. The entity also presented the Best Practice Guide to build segmentation models concerning Money Laundering and Financing of Terrorism risk factors. The Committee is already up and running. 

 

Financial Superintendent Jorge Castaño stated that the Committee seeks to “take the prevention of money laundering to a higher level in order to have the capacity to anticipate the materialization of this type of risk.” The launch was attended by representatives from various international organizations, including the Financial Action Task Force on Latin America (GAFILAT), the Office of Foreign Assets Control (OFAC) and the United Nations, as well as the Colombian Attorney General’s Office, Superintendency of Corporations and the Information and Financial Analysis Unit (UIAF, for its acronym in Spanish).

 

The Guide published contains good practice guidelines for SFC-supervised entities to implement when building or updating the segmentation models for the risk factors for Money Laundering and Financing of Terrorism. The idea is to articulate the identification, measurement, control and monitoring stages in the Asset Laundering and Terrorism Financing Risk Management System (SARLAFT), to make it more effective and efficient. 

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