Financial Crime World

Anti-Money Laundering (AML) Regulations in Colombia: Key Points for Gaming and Gambling Operators

Key AML Regulations

The Anti-Money Laundering (AML) regulations in Colombia are designed to prevent, detect, and prosecute money laundering activities. Here are some key points:

Customer Due Diligence (CDD)

  • Providers of financial services must perform CDD on their customers and counterparts.
  • Obtain knowledge of the client’s nature and source of funds, markets they operate in, and true beneficiaries.

Enhanced Due Diligence (EDD)

  • Special measures are taken for politically exposed persons (PEPs) and clients that require a higher level of scrutiny.

Reporting

  • Public and private entities from the financial and insurance sectors must report to the UIAF.

Fines and Penalties

  • Money laundering is punishable by imprisonment and fines.

Gaming and Gambling Regulations in Colombia

Online casinos were legalized in Colombia in 2016, and the country’s gambling industry was expanded with online bingo, instant games, and digital scratch cards in 2021. AML regulations for gaming and gambling operators include:

  • The Colombian Gaming Act, Law 643 of 2001
  • Resolution 20195100044514 of 2019 (AML requirements for operators)
  • Coljuegos Resolution 20215000012784 of May 2021
  • Decree 830 of 2021 (expands the list of PEPs and complements the KYC due diligence process)

FAQ

Q: Are risks of money laundering high in Colombia?

A: While there is no definitive answer, the Colombian government has implemented various measures to prevent and detect money laundering.

Q: Is Colombia currently sanctioned?

A: No, Colombia is not currently under any sanctions by the United States or other major countries.

A: Yes, online casinos were legalized in 2016, and the country’s gambling industry was expanded with online bingo, instant games, and digital scratch cards in 2021.

Q: What are Colombia’s AML regulations for gaming/gambling?

A: The Colombian Gaming Act, Law 643 of 2001, Resolution 20195100044514 of 2019 (AML requirements for operators), Coljuegos Resolution 20215000012784 of May 2021, and Decree 830 of 2021 are some of the key regulations.

Conclusion

Colombia has made progress in developing its AML legislation to combat money laundering, but there is still room for improvement. Businesses operating in the country must stay up-to-date with the latest regulations and use reliable KYC technology to ensure compliance.