Chapters X and XIII of the Basic Legal Circular of the Superintendence of Companies include the obligation for companies to implement the Self-Control and ML/FT Risk Management System (SAGRILAFT) and the Business Transparency and Ethics Program (PTEE).

Thus, companies supervised by the Superintendency of Companies that by 2023 have total revenues or assets equal to or greater than 40,000 SMMLV and/or are in the sectors listed in the Basic Legal Circular, must implement the SAGRILAFT system by May 31, 2024. Similarly, companies that by 2023 have total revenues or assets equal to or greater than 30,000 SMMLV, have carried out transactions or business with foreign individuals or legal entities, and/or are in the list of sectors exposed by the Superintendence of Companies, must also implement the PTEE program no later than May 31, 2024.

Once implemented, they must comply with the obligations established by the Superintendence of Companies, such as the Suspicious Transactions Report (ROS), Absence of Suspicious Transactions (AROS), submission of Report 58 and Report 75, among others, for which they have specific deadlines.

It is important to highlight that, even if it has not complied with such deadlines, such programs must be implemented in case it complies with the requirements; likewise, it must continue with the compliance of the other obligations. The above, in order to avoid to a greater extent the imposition of sanctions by the Superintendence of Corporations.

Since the beginning of the obligations to implement the SAGRILAFT and PTEE systems, the Superintendence of Companies has imposed several sanctions and fines for non-compliance with both systems. However, in recent months, the value of these fines has increased significantly. Below are the latest sanctions imposed by the Superintendence of Companies in this matter:

  • In November 2023, the Superintendence of Companies announced through a press release that it will impose a fine on the mobile home address application RAPPI in the amount of 700 million pesos, for the violation of the SAGRILAFT regime and the reporting of suspicious transactions.
  • On January 5, 2024, the Superintendency of Companies imposed a penalty on a Colombian branch of a well-known multinational company in the automotive sector for 400 million pesos, for alleged breaches in its controls to prevent corruption and transnational bribery.
  • On January 23, 2024, the company FERRELUGUE S.A.S., an important company dedicated to the import and distribution of steel for the construction industry, and its legal representative were sanctioned by the Superintendence of Companies for fines amounting to 280 million pesos. This is because the company failed to comply with the adoption of SAGRILAFT.
  • On February 16, 2024, a sanction was imposed on YARA COLOMBIA S.A., a well-known multinational fertilizer company, which failed to demonstrate that it had incorporated the PTEE program in accordance with the design procedures set forth in the regulations, did not have due diligence processes, and did not have a system of evaluation, identification and control of the C/ST risk. The sanction imposed was for 100 million pesos.
  • As of March 2024, 6 final sanctions have been imposed for non-compliance with SAGRILAFT, totaling between 600 and 650 million pesos. As for non-compliance with the PTEE, there are currently 3 firm sanctions, the total amount of which is close to 1,300 million pesos.
  • Finally, the Superintendence of Companies has informed that 23 supervisory processes are currently underway to verify whether companies are complying with the implementation of the SAGRILAFT and PTEE systems. Therefore, it is important that each company verifies whether it complies with the requirements set forth in the Basic Legal Circular of the Superintendency of Companies, and correctly implements both systems, if applicable. This, in order to avoid future sanctions by the Superintendence of Companies.