In recent months, the Superintendence of Companies has imposed five sanctions for non-compliance with the SAGRILAFT and Business Transparency and Ethics Program (PTEE) regulations.
One of the main violations identified was the failure to fulfill the responsibilities assigned to the highest governing body, the legal representative, and the compliance officer.
In a sanction exceeding 40 million Colombian pesos (COP $40,000,000) imposed on a multinational mining company, the Superintendence determined that the PTEE cannot be considered tacitly approved. It must receive explicit approval from the highest corporate body within the timeline set by the regulations.
Additionally, the Superintendence has emphasized, through various sanctions, the importance of companies adequately identifying corruption and transnational bribery risks, tailored to their size, structure, countries of operation, and specific activities. Under no circumstances is it acceptable to implement a generic PTEE applicable to all obligated entities.
Finally, an important precedent was set for the retail sector when a company was fined more than 50 million Colombian pesos (COP $50,000,000) for failing to conduct due diligence in the handling of cash. According to SAGRILAFT regulations, companies must regulate this handling in accordance with the characteristics of their business, and any self-regulation measures must be followed to avoid sanctions of this magnitude.
