COLOMBIA Law and Practice Contributed by: Juan Camilo Carrasco, Asensi Abogados
• Law 190 of 1995; • Law 526 of 1999, which set up the Financial Infor- mation and Analysis Unit ( Unidad de Información y Análisis Financiero , or UIAF); • Single Regulatory Decree 1068 of 2015; • Law 599 of 2000 – the Criminal Code; • Law 1121 of 2006 – rules for the prevention, detec- tion, investigation and penalisation of terrorist financing; • Resolution 20195100044514 of 2019 – AML requirements for operators; • Coljuegos Resolution 20215000012784 of May 2021; and • Decree 830 of 2021 – expands the list of PEPs and complements the KYC due diligence process. 8.2 AML Requirements Colombian AML regulation states that all operators must fulfil the legal requirements to apply for a con- cession contract. The main obligations are as follows. • Operators must locally appoint a compliance officer with decision-making powers at least to the second hierarchy level. • Operators have a disclosure duty, both at an inter- nal and at an external level, as follows: (a) internal level – the compliance officer must be informed about any transaction that may be related to money laundering or terrorism financing and, specifically, those included within the alert signals provided in the law; and (b) external level – operators must inform both the Colombian Intelligence Directorate (UIAF) and Coljuegos. • Special attention must be paid to the following control instruments: (a) alert signals; (b) technological infrastructure and electronic consolidation of transactions; and (c) annual training. • Internal control measures – compliance officers must provide certification of experience and train- ing. They must approve the UIAF’s AML courses. • Operators must preserve all documents obtained or generated during the implementation of the internal control measures for a minimum of five years. • Operators must ensure that the operation of games is not affected by:
(a) fraud; (b) defects or interventions aimed at changing the probability of predictions; or (c) elimination of the random element. • Operators must state the forms and annex for reporting to Coljuegos and the UIAF any suspicious operations (eg, KYC, due diligence and shareholders’ identification) and for reporting players who acquire credits for participation and/or withdraw them. • The following must be reported: (a) individual transactions of COP5 million or more; (b) multiple transactions that total COP15 million or more; and (c) the payment of prizes over certain amounts (depending on the type of game). • Operators must provide a transparent and ethi- cal program according to the Superintendency of Health External Circular 2022151000000053-5. Although there is no supervisory agency for advertis- ing in Colombia, the Consumer Protection Statute (Law 1480 of 2011) governs all types of advertising activity in the country. The marketing and advertising associa- tions have created a code of self-regulation. The Min- istry of Industry and Commerce is the authority that: • advises the government and participates in the formulation of policies on all matters concerning consumer protection; • supervises consumers’ rights; • ensures compliance with the provisions on con- sumer protection; and • handles claims and complaints. For the purpose of guaranteeing consumers’ and play- ers’ rights, there is a clear responsibility for media and digital outlets to comply with the following principles outlined in the local regulation: 9. Advertising 9.1 Regulatory/Supervisory Agency • the protection of players, reduction of minors’ exposure to gambling products, and adherence to the limits set forth in local advertising regulations with regard to minors;
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