The legal gaming industry in Colombia has faced a difficult paradox for years: operating under the most demanding regulatory standards while, at the same time, finding the doors of the banking system closed. To change this reality, the top officials of Coljuegos and the Financial Superintendency sat down to design a joint roadmap.
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The meeting between Coljuegos and the Superfinanciera: what was discussed
Marco Emilio Hincapié, president of Coljuegos, and César Attilio Ferrari, Financial Superintendent of Colombia, held a meeting with the aim of identifying concrete alternatives that allow authorized gambling operators to overcome the barriers they face when trying to access basic financial services.
At the center of the debate was the need for banking entities, when conducting their risk analyses, to recognize the rigorous fiscalization processes carried out by Coljuegos. Among them, the implementation of the Asset Laundering and Terrorism Financing Risk Management System, known as SARLAFT, stands out. This is a control mechanism that many operators already apply in their daily activity but which is not always adequately valued by banks.
Why banking access is a critical problem for the sector
Authorized gaming operators in Colombia pay taxes, generate formal employment, and, above all, finance the country’s health system through their contributions. However, the perception of risk that part of the financial sector maintains about this industry has led to unjustified rejections or restrictions when opening accounts, processing payments, or accessing conventional financial products.
Hincapié was direct about it: “Our goal is to build bridges that eliminate unjustified stigmas about an industry that contributes significantly to health. We want banks to recognize that an operator authorized by Coljuegos complies with the highest level standards.” The official also stressed that the objective of the alliance is not only to solve an operational problem but also to protect the viability of an industry that fulfills a concrete social function.
How the new work scheme will be put into practice
As part of the agreed strategy, it was proposed to organize a specialized workshop aimed at compliance officers of the banking system. The meeting will aim to deepen technical knowledge about the functioning of the sector and the legal requirements that operators must meet to obtain and maintain their license with Coljuegos.
For Hincapié, this educational work is the core of the change: “We are working so that compliance officers see Coljuegos’ requirements as a guarantee of security. By strengthening their knowledge of our regulation, we will allow the financial system to act with greater security and agility in response to our operators’ requests.”
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The fight against illegal gambling also on the agenda
The meeting was not limited to solving the problems of legal operators. Coljuegos and the Financial Superintendency also laid the groundwork for coordinated action with judicial bodies aimed at combating illegal operations in the market.
The main focus of this line of work will be the control over virtual payment systems used by online gambling (JOI) portals that operate without due authorization. These platforms not only evade regulation but also divert resources that would otherwise go to financing the health system and operate without any guarantee for the bettor.
Hincapié was emphatic on this point: “We will not allow illegal platforms to continue using financial channels to evade the law. We will coordinate forceful actions to block the flow of resources towards these activities that reduce contributions to health and do not guarantee protection for the bettor.”
A step towards the comprehensive formalization of the sector
The collaboration between Coljuegos and the Financial Superintendency represents a significant advance towards a more robust gaming ecosystem in Colombia. If authorized operators manage to access the banking system under conditions equivalent to those of any regulated industry, the pressure that pushes them towards informal resource management schemes is reduced, and the control chain that allows tracking and auditing every peso moved by the sector is strengthened.
The initiative also sends a clear signal to the market: in Colombia, operating with a license is not only a legal obligation but a competitive advantage that the State itself is willing to support before the financial system.
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