COMPLIANCE – DUE DATES FOR THE IMPLEMENTATION OF SAGRILAFT AND PTEE
May 31, 2022, is the deadline for obliged entities to implement SAGRILAFT (System for Self-control and Management of the Integral Risks of Money Laundering, Terrorism Financing and Financing of the Proliferation of Mass Destruction Weapons) and PTEE (Transparency and Ethics Program) in pursuant to Externals Circulars N° 100-00016 of 2020 (and its amendments and supplements) and N° 100-000011 of 2021 (and its amendments and supplements) of the Superintendence of Companies, respectively.
For a better understanding of the requirements, conditions and additional information, we invite you to take a look at our E-books in the following links:
SAGRILAFT: Integral amendment to Chapter X of the Basic Legal Circular of the Superintendency of Companies.
PTEE: Bussines Ethics and Transparency Programs (PTEE as per its Spanish acronym).
Obliged entities that do not implement and comply the External Circulars, might face the opening of an administrative investigation wich could end-up with the imposition of fines of up to 200 Legal Monthly Minimum Wages by the Superintendence of Companies.
If you require our support in order to guarantee the full compliance of these obligations, or would like to check if your entity is obliged and to what extent, please do not hesitate to contact our Corporate and Compliance Law team.
Authors: Nadia Sánchez I [email protected] I Corporate Law / Katerine Delgado I [email protected] I Corporate Law