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Colombian Laws and Regulations: A Guide to Money Laundering and Anti-Money Laundering Efforts

As businesses operate globally, it is essential to understand the laws and regulations of various countries related to money laundering and anti-money laundering (AML) efforts. In this article, we will provide a step-by-step guide on Colombian laws and regulations related to AML.

1. Restrictions on Transfer of Credit Reports

In Colombia, banking secrecy and the right to privacy are not considered valid arguments to reject banking information requests issued by judges of the Republic of Colombia or Colombian AML authorities, within the limits established by article 15 of the Constitution and 2 of Law 1121 of 2006. This means that credit reports can be transferred under specific circumstances.

2. Restrictions on Transfer of Personal Data

Habeas Data law in Colombia expressly prohibits the transfer of information to another country without the prior, express, and written permission of the owner of the information. Additionally, the receiving country must have an equal or higher standard of protection of information and guarantees for the owner of the information.

3. Risk-Based Approach

Colombian regulations now employ a risk-based approach regarding AML. This means that entities are required to assess and mitigate risks associated with money laundering and terrorist financing.

4. Independent Verification or Authentication of Identification Documentation

In Colombia, there is no need for copies of identification documentation to be certified by a notary. Entities can compare the copy with the original identification when the customer brings in the required documentation.

5. Laws and Regulations Impacting Information Transfer

Colombian legislation considers banking secrecy and the right to privacy as invalid arguments to reject banking information requests issued by judges of the Republic of Colombia or Colombian AML authorities, within the limits established by article 15 of the Constitution and 2 of Law 1121 of 2006. This implies that case law, constitutional law, and other laws or regulations may impact upon the transfer of information.

6. Acceptance of E-Signatures

In Colombia, electronic signatures are used in both the public and private sectors. They are considered two-tier jurisdiction because they give digital signatures the same status as handwritten signatures but also recognize simple electronic signatures as legal and enforceable.

Important Note: This summary is based on our understanding of your questions and may not be comprehensive or up-to-date. Please verify with relevant authorities or experts before relying on this information.