Financial Crime World

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Electronic Signatures in Colombia

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Colombia has a two-tier jurisdiction approach to digital signatures. It recognizes both digital and simple electronic signatures as legal and enforceable.

Key Points to Consider

  • Obtaining consent prior to using an electronic signature is considered good practice for ensuring enforceability.
  • The law provides that parties may use electronic signatures with the consent of all parties involved. However, specific types of electronic signatures are not addressed by legal rulings.

Anti-Money Laundering (AML) Laws and Regulations

Colombia’s new regulation has a risk-based approach to AML, requiring entities to monitor transactions and investigate unusual ones. Any suspicious transactions must be reported to the relevant authorities.

Key Requirements

  • Entities must implement a risk-based approach to AML.
  • Transactions must be monitored, and unusual ones investigated.
  • Suspicious transactions must be reported to the relevant authorities.

Transfer of Information to Colombia

The transfer of information to Colombia is subject to certain regulations. The Habeas Data Law prohibits the transfer of information without the prior, express, and written permission of the owner. The receiving country must have an equal or higher standard of protection for the owner’s information.

Key Points to Consider

  • The Habeas Data Law requires prior consent from the information owner before transferring data.
  • Banking secrecy and the right to privacy are not valid arguments to reject banking information requests issued by Colombian authorities.