Colombia Moves to Improve Banking Access for Licensed Gambling Operators

Colombia is making efforts to facilitate access to financial services for gambling firms that have received licenses. During his meetings with the Financial Superintendent of the country, César Attilio Ferrari, the president of Coljuegos, Marco Emilio Hincapié, outlined several measures designed to overcome the banking difficulties of authorized firms in the sector.

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In particular, there are plans to promote a better understanding in banks of the regulatory framework for gambling operators in Colombia. In particular, the latter should adhere to stringent national criteria.

“Everything we do now is aimed at ensuring better guarantees for the work of authorized operators in the country. In turn, our ultimate goal is to overcome obstacles that hamper the effective operation of this industry, which makes a significant contribution to the financing of healthcare“, noted Hincapié.

Elimination of the Problem of Banking Restrictions on Gambling Industry Operators

One of the problems that Coljuegos wants to address is the failure of financial institutions to consider the regulator’s supervision as an element of their risk assessment. In turn, this problem arises due to the lack of understanding of the regulatory system and compliance procedures, for example, SARLAFT, which provides strict controls for gambling operators.

Improving the level of knowledge in the financial sector is needed precisely in order to solve problems associated with unjustified stigma towards this industry.

“We need to eliminate the negative attitude of banks towards an industry that significantly contributes to the financing of healthcare. It is necessary that banks understand the fact that operators, authorized by us, comply with all the required criteria“, noted Hincapié.

Specialized Workshops to Educate Compliance Officers

As part of the implementation of the initiative, there are plans to organize a special training course for compliance officers from banks. Specifically, it will be necessary for compliance officers to become familiar with various technical aspects of the gambling business to better understand its legal framework.

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According to Hincapié, such an approach to the education of compliance officers will greatly increase efficiency in the future.

“The purpose of the training course will be to make compliance officers familiarize themselves with our regulatory requirements. By doing this, we will facilitate the process for the financial sector in working with gambling operators’ requests“, explained Hincapié.

Joint Actions Against Illegality in Online Gambling Sector

At the end of the meeting, plans for close cooperation between Coljuegos, the Financial Superintendence, and judicial authorities were mentioned. It is expected that this cooperation will allow for more coordinated action to prevent illegal gambling on online platforms.

In particular, there are plans to control payment systems that can serve as channels of support for such activities. According to Hincapié, there will be no tolerance towards this type of activity in the future.

He concluded, saying: “We are determined not to tolerate illegal platforms’ use of financial channels to conduct activities. Together, we will undertake strong measures to stop this trend, which hampers our goals of supporting healthcare and protecting players.”

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Source: SBC Noticias