Financial services and fintech

Supervised entities, payments, digital lending and regulatory compliance.

We advise banks, finance companies, cooperatives, insurers, trust companies, brokerage firms and financial technology companies offering payments, lending, investment or financial data services, whether they are already supervised or not yet.

We know the supervision exercised by the Financial Superintendence of Colombia, the central bank's regulation of payment systems, the financial consumer protection regime of Law 1328 of 2009 and the rules that apply to those who, without being supervised, lend money, process payments or connect investors with companies.

We help clients decide which authorization they need, when an operation crosses the line into unlawful deposit-taking and how to design the product so that it complies from day one. When the client is already operating, we review its contracts, its manuals and its relationship with the supervisor.

How we support

  • We analyze whether a business model requires authorization from the Financial Superintendence or can operate without a license, and within what limits.
  • We handle the formation and licensing of supervised entities, including SEDPEs (specialized electronic deposit and payment companies).
  • We support participants in low-value payment systems, including Bre-B, the central bank's instant payment system.
  • We draft and review lending, card, banking agent, acquiring, payment gateway and digital wallet agreements.
  • We implement anti-money-laundering systems (SARLAFT or SAGRILAFT, depending on the supervisor) and handle reporting to the UIAF (the financial intelligence unit).
  • We advise on financial consumer protection, interest rates and usury limits, and on complaints before the Financial Consumer Ombudsman.
  • We structure crowdfunding platforms and the agreements among the platform, investors and recipient companies.
  • We support product testing in the Financial Superintendence's regulatory sandbox and the licensing process that follows.
  • We review the processing of credit and financial data under Law 1266 of 2008 and Law 1581 of 2012.
  • We represent entities and executives in investigations and enforcement proceedings before the Financial Superintendence and the SIC (the Superintendence of Industry and Commerce).

Recurring issues

  • Unlawful deposit-taking: where the line is
  • Licenses and authorizations for new products
  • Usury rate and transparency in interest and fees
  • Agreements with payment gateways, acquirers and banking agents
  • Credit bureau reporting and financial data rights
  • Prevention of money laundering and terrorist financing

Practice areas

Let's talk

Tell us the decision you have to make. We reply the same business day.

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