Consulting in the field of regulatory compliance for banking activities.

Consultoría en el ámbito del cumplimiento de la normativa de las actividades bancarias

In Colombia, banking activities refer to those related to financial intermediation, i.e., the collection of funds from the public and the placement of those funds through credit operations and other financial services. These activities are regulated by various laws and supervisory bodies in the country.

The main regulations governing banking activities in Colombia include:

LAW 35 OF 1993: Whereby general rules are issued and the objectives and criteria to which the National Government must be subject to regulate financial, stock market and insurance activities and any other activity related to the management, use and investment of funds collected from the public are stated and other provisions are issued in financial and insurance matters. This law regulated the intervention, inspection, surveillance and control of the National Government in the financial, stock market and insurance activities. Likewise, the procedure for the sale of government shares in financial institutions and insurance companies was established. Pursuant to the powers granted by this law to the National Government to update financial regulations, Decree 663 of 1993, currently the Organic Statute of the Financial System, was issued.

LAW 510 OF 1999: Whereby provisions are issued in relation to the financial and insurance system, the public securities market, the Banking and Securities Superintendencies and certain powers are granted.

This law, published on August 4, 1999, constituted a reform to the financial system, which included the modification of the takeover regime and the requirements for the creation of financial institutions. In addition, it established a new long-term housing credit system.

LAW 1328 OF 2009: Whereby regulations on financial, insurance, securities market and other provisions are issued.

The most important modification introduced by this law is the financial consumer protection regime, which includes the following topics, among others: rights and obligations, Financial Consumer Service System (SAC), provision of information to the consumer and abusive clauses and practices.

Superintendencia Financiera de Colombia (SFC): It is the entity in charge of supervising and regulating financial activities in the country. It issues specific regulations and exercises control over financial entities to ensure their proper functioning and protect the interests of users.

It is important to consult on compliance with these regulations because financial institutions are subject to a strict legal and regulatory framework. Failure to comply with regulations can result in financial penalties, loss of reputation and even revocation of the license to operate. Regulatory compliance consulting helps financial institutions ensure that they are operating in accordance with current regulations, implementing appropriate policies and controls, and mitigating the risks associated with their activity.

Regulatory compliance consulting in the banking sector can be performed by professionals specialized in financial law, risk and compliance consultants, internal and external auditors with experience in the financial sector. These professionals must have an in-depth knowledge of banking legislation and regulations, as well as best practices in regulatory compliance and risk management. In addition, consulting may be supported by a multidisciplinary team that includes lawyers, accountants, technology specialists and other experts depending on the specific needs of each entity.