'Colombia's largest banking corporation evaded money laundering regulations'

[Judi Lynn]

by Adriaan Alsema November 15, 2020

Colombia’s banking watchdog fined one of the banks of Colombia’s richest man for the 12th time for evading money laundering prevention regulations, according to local media.

The Superintendent for Finance’s imposed the $137,000 fine on the Banco de Occidente, one of the banks of Luis Carlos Sarmiento‘s banking conglomerate Grupo Aval.

According to news website La Nueva Prensa, the fine is the 12th that’s been imposed on the bank since 2001.

The same bank and another Grupo Aval subsidiary, Banco de Bogota, are reportedly being investigated by the US Department of Justice and the Securities and Exchange Commission over a $10 million money laundering operation.

More:
https://colombiareports.com/colombias-largest-banking-corporation-evaded-money-laundering-regulations/

[yonder]

1. 137k for a 10m scheme?

Sounds like they're happy with that as the cost of doing business.