As of January 7, 2020, the Colombian Superintendence of Companies (the “Superintendence”) has made available the platform to file the so-called “Report No. 50”.
What is the Report No. 50?
By means of the Report No. 50, the companies required to do so (see below) must answer a set of questions posed by the Superintendence relating to the implementation of the policies included in the Self-Control and Risk Management System against Money Laundering and Terrorism Financing (SAGRLAFT – for its acronym in Spanish).
Who must file the Report No. 50?
Those companies that are required to implement SAGRLAFT in Colombia, in accordance with the criteria set forth in the Basic Legal Circular issued by the Superintendence.
What types of questions are included in the Report?
Report No. 50 is comprised of questions about how the company complied and managed the internal policies and duties that arise from the SAGRLAFT Manual during 2019, as well as other questions relating to the Manual’s content, corporate approvals, updates, trainings, filing of the reports before the UIAF (Unit of Information and Financial Analysis of the Ministry of Finance), and information of the individual appointed as Compliance Officer, among others.
How can the Report No. 50 be filed?
Report No. 50 must be filed online through the Superintendence’s platform available at the following link:
The user must select the option “Informe 50 – Prevención Riesgo LA/FT Corte 31/12/2019” and login using the user and password of the company.
What is the term for filing the Report No. 50?
The term for filing the Report No. 50 expires on February 17th, 2020.
Are there any penalties for not filing the Report No. 50?
According to the Superintendence, the company’s manager is responsible for the Report’s filing, content and accuracy.
In case the company does not timely file the Report No. 50 the Superintendence may initiate an administrative procedure against the company and/or its managers and impose fines up to 200 monthly legal minimum wages (COP$175.560.600 – USD$53.000 approx.).
Author: Daniel Berdugo