Colombia's financial watchdog, the Superintendencia Financiera de Colombia (SFC), has strengthened its oversight of financial transactions in the country. As part of this effort, it has updated its SARLAFT supervisory tools to target crypto transfers and make fiat on-ramps and off-ramps more rigid.
The new rules will require banks to monitor transfers to and from crypto exchanges under the SFC's indicators. This is expected to create barriers for smaller firms entering the formal market, but larger platforms may be better equipped to adjust to these demands.
The updated module aims to reduce financial crime risks by providing tools for compliance officers, risk managers, and officials handling money laundering and terrorist financing controls. The SFC said the update applies to supervised financial entities and is also available to public entities, private firms, citizens, and other interested parties.