Banks in Colombia Laws and Regulations
Minimize offshore asset expenses by learning the banks in Colombia laws and regulationsBanking in Colombia begins with learning the laws and regulations. Due to the prevalent drug trade in Colombia, there are extra layers of banking regulations that don't exist in other countries. The money laundering laws are really a subset of regulations unto themselves. However, this doesn't mean there aren't opportunities in Colombia banking institutions. It simply means that before beginning the process, regulatory homework is necessary.
In order to properly understand the banks in Colombia laws and regulations, you'll need to begin with the history and basics of the banking system. Once you know the history, then begin on the present and future banking laws in the country. Each law that precedes it usually builds on a previous one or came about as the result of its inadequacies. Some of the best sources for regulatory information on the banks in Colombia are international publications and institutes. However, before you deposit any assets, there are few items to consider:
1. Review the history and the basic structure of banking in Colombia.
2. Subscribe to international and regional Colombia commercial banking publications.
3. Utilize agencies that have regulatory information on Colombia banking institutions.
Study the essential elements of the Colombia banks
Use the resources provided by finance publications for business banking in ColombiaInternational publications provide an excellent overview of Colombia commercial bank regulations because they usually give you an outsider's perspective. Colombia banking publications can paint a different picture of the system in that they only have the view from inside the regulatory structure.
Review the corporate banking in Colombia regulatory foundations and forumsThe financial standards entities are another good source for regulatory information. They generally catalogue banking laws for each country and provide in-depth reviews of these regulations. A typical bank in Colombia not only must deal with the usual regulatory bodies but they also have money laundering authories setting up an additional layer of regulations.
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