Issuance of a Statement of Objections against Rappi

The Superintendency of Companies brought charges against the delivery company Rappi for alleged violations of the Money Laundering Risk Management regime and the Business Transparency and Ethics program, which could result in a fine equivalent to 232 million pesos.

Companies such as this one are required to implement a self-management system for both money laundering risk and anti-corruption practices in favor of business ethics. It should be noted that the Superintendency of Companies has issued guidelines on ML/TF through Chapter X of the Basic Legal Circular, which applies to:

“The following are required to apply Chapter X: 4.1. Companies subject to the supervision or control of the Superintendency of Companies that have obtained total revenues or had assets equal to or greater than forty thousand (40,000) SMLMV, as of December 31 of the immediately preceding year. These companies must comply with the provisions of section 5 of this Chapter X (SAGRILAFT).”

This investigation by the Superintendency of Companies alerts companies that are required to comply with their obligation to implement programs and appoint a compliance officer.