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Coljuegos, Colombia’s gambling regulator, announced that it held a meeting with the Financial Superintendence of Colombia to explore alternatives that would allow authorized gambling operators to overcome barriers to accessing the financial system.
The meeting was led by Coljuegos President Marco Emilio Hincapié and Financial Superintendent César Attilio Ferrari.
César Attilio Ferrari and Marco Emilio Hincapié
During the meeting, participants raised the need for banking institutions, when conducting risk assessments, to recognize the rigorous administrative and supervisory processes carried out by Coljuegos, including the implementation of the Asset Laundering and Terrorism Financing Risk Management System (SARLAFT).
“We are working to provide greater guarantees for the country’s authorized operators. Our goal is to overcome the barriers that hinder the proper functioning of this industry, which is so important for financing Colombia’s healthcare system,” said the president of Coljuegos.
Hincapié also stressed the importance of the financial sector understanding the legality and transparency governing domestic operators.
“Our goal is to build bridges that eliminate unjustified stigmas around an industry that makes a significant contribution to healthcare. We want the banking sector to recognize that an operator licensed by Coljuegos complies with the highest standards,” the executive said.
As part of the strategy, officials proposed organizing a specialized meeting with compliance officers from the banking system. The session would aim to deepen technical understanding of how the sector operates and the strict legal requirements operators must meet to obtain a license.
According to Hincapié, this educational effort is vital to building trust: “We are working so that compliance officers see Coljuegos’ requirements as a guarantee of security. By strengthening their understanding of our regulation, we will allow the financial system to act with greater confidence and agility when handling requests from our operators.”
The meeting also laid the groundwork for coordinated efforts between Coljuegos, the Financial Superintendence, and judicial authorities to combat illegality.
The main focus will be on the oversight of virtual payment systems used by websites offering online-operated gambling (JOI) without proper authorization.
On this matter, the head of the regulator emphasized: “We will not allow illegal platforms to continue using financial channels to evade the law. We will coordinate decisive actions to block the flow of funds to these activities, which reduce contributions to healthcare and fail to guarantee bettor protection.”