Sagrlaft for the real sector

This system is enshrined in chapter 10 of the Basic Legal Circular of the Superintendency of Companies and establishes that companies that meet certain requirements must implement self-control and risk management systems for money laundering and financing of terrorism (Sagrlaft) in a term of 12 months counted from January 1 of the year following which they met the aforementioned requirements.

In relation to the obligations contained in Chapter 10 of the aforementioned Basic Legal Circular, the companies that are obligated subjects will have to design and approve a system of self-control and ML / TF risk management that contemplates the following:
  • The adoption of risk prevention and management policies.
  • The description of minimum elements for the management of ML / TF risk, related to the identification, measurement, control and monitoring of the risks to which the company is exposed to ML / FT.
  • Some stages for the start-up of the system. These are: design, approval, supervision, compliance, disclosure and training of the ML / FT self-control and risk management system.
  • Measures for the prevention and management of ML / TF risk.
  • Have mechanisms that allow the reporting of suspicious operations to UIAF.

It is important to specify that the system must be under the supervision and direction of a compliance officer, who must be appointed by the board of directors or the highest social body of the company. Of said designation must be expressly recorded in the corresponding minutes.

The Sagrlaft project must be submitted to the board of directors or the highest social body, jointly by the legal representative and the compliance officer, for its corresponding approval. Of said designation must be expressly recorded in the corresponding minutes.

In turn, chapter 10 establishes the main function of the board of directors or the highest social body and the legal representative to have the operational, economic, physical, technological and resource measures that are necessary and required for the compliance officer to be able to develop their work.

Likewise, Chapter 10 establishes the obligation to have due diligence mechanisms in the knowledge of the clients and other counterparts, taking into account the operation, size, economic activity, form of marketing of its products, geographical areas where it operates and other particular characteristics of the obligated companies.

The permanent consultation must also be complied with in the restrictive lists issued by national and foreign authorities that are binding on Colombians.