Self-Control And Risk Management Systems Against Money Laundering And Terrorist Financing - Finance and Banking - Mondaq Colombia - Mondaq Business Briefing - Books and Journals - VLEX 649947457

Self-Control And Risk Management Systems Against Money Laundering And Terrorist Financing

Author:Mr Carlos Fradique-Méndez and María Luisa Porto
Profession:Brigard & Urrutia
 
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Self-control and Risk Management Systems against Money Laundering and Terrorist Financing

On August 19, 2016, the Superintendence of Companies issued a modification to the Basic Legal Circular (No. 100-000006), which, among other matters, regulated which companies, according to their economic sector, are required to adopt Self-control and Risk Management Systems against Money Laundering and Terrorist Financing (in Spanish, SAGRALAFT), to the extent that such companies meet all of the following criteria or requirements, per sector:

Sector Requisitos Real Estate Permanent surveillance or control exercised by the Superintendence of Companies Economic activity registered in the commercial register or activity identified with code L6810 and/or L6820 of the International Standard Industrial Classification, Revision 4 (in Spanish CIIU Rev 4 AC). In December 31st of the previous year, it obtained a total income equal or superior to 60,000 monthly legal minimum wages (SMMLV), (i.e., as of December 31, 2015, COP 38,661,000,000 c. USD 12,887,000). Mining or quarrying Permanent surveillance or control exercised by the Superintendence of Companies Economic activity registered in the commercial register or activity identified with the code B05 and/or B06 and/or B07 in CIIU Rev 4 AC. In December 31st of the previous year, it obtained a total income equal or superior to 60,000 monthly legal minimum wages (SMMLV), (i.e., as of December 31, 2015, COP 38,661,000,000 c. USD 12,887,000). Legal Services Permanent surveillance or control exercised by the Superintendence of Companies Economic activity registered in the commercial register or activity identified with code M6910 in CIIU Rev 4 AC. In December 31st of the previous year, it obtained a total income equal or superior to 30,000 monthly legal minimum wages (SMMLV), (i.e., as of December 31, 2015, COP 19,330,500,000 (c. USD 6,443,500). Accounting, Collection and/or Credit Rating Permanent surveillance or control exercised by the Superintendence of Companies Economic activity registered in the commercial register or activity identified with the code N8291 and/or M6920 in CIIU Rev 4 AC. In December 31st of the previous year, it obtained a total income equal or superior to 30,000 monthly legal minimum wages (SMMLV), (i.e., as of December 31, 2015, COP 19,330,500,000 (c. USD 6,443,500). Trade of vehicles, parts and accessories Permanent surveillance or control exercised...

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