Cryptocurrencies and recommendations to avoid falling into money laundering

Virtual assets have become a great financial attraction for investors around the world. Here we explain the new resolution that regulates your transactions so that they do not fall into practices typical of illegal activities.

The growing interest of investors and companies in  cryptocurrencies  has increased the management of electronic money. This is, of course, a technological advance, however, many entities consider them a risk for money laundering and terrorist financing, due to the regulatory vacuum of these as financial instruments.

Colombia, for example, is the seventh country in operations with Bitcoin. Erick Rincón, president of the Colombian Fintech Association, assures that up to $70,000 million in this type of cryptoactive moves monthly from the country and, as these systems allow transactions under the anonymity of users (origin, amount, destination), they pose a danger potential.

What should I keep in mind when making transactions with cryptocurrencies?

  • Establish the use that you will give to the resources in virtual currency.
  • Know clearly which is the transaction network where you will carry out the operation.
  • Check if the network has the necessary permissions.
  • Details the right to reimbursement depending on the evolution of prices.

And now, what is the new resolution about?

In order to prevent these risks, the Financial Information and Analysis Unit (UIAF) issued Resolution 314 of December 15, 2021, in which it obliges companies that provide virtual asset services to send reports of their transactions and suspicious transactions.

Who should make the report to the UIAF?

People and companies that carry out exchange, transfer, administration or custody and, in general, transactions with virtual assets: 

  • Over $150, if they are single (around $590,052).
  • Over $450, if reported as multiples (around $1,770,000).

Likewise, these companies must send the Suspicious Operations Report (ROS) to the UIAF, as established in the regulation.

How should I make this Report?

You must make this report on a monthly basis before the SIREL (Online Reporting System), through the UIAF website. To do this, you have to register in 3 simple steps:


Go  to


Click on the SIREL section.


Request code and username.

Once registered, you will be able to start making the monthly report of suspicious transactions and operations as of July 1, 2022.

“Countries should ensure that virtual asset service providers are regulated for anti-money laundering and counter-terrorist financing purposes, are licensed or registered, and are subject to effective monitoring systems,” says the FATF (International Financial Action Task Force). ).

Why is this new Resolution important?


Strengthens the prevention and detection of ML/FT in activities involving  virtual assets , in line with the international standards of the International Financial Action Task Force (GAFI).


It means an advance of the AML/CFT system (anti-money laundering and counter-financing of terrorism) in the face of the challenges imposed by the birth of new industries and the evolution of technology.


It protects all sectors, subsectors, economic activities, professions and industries from the penetration of money of illicit origin.


It benefits  security , economic growth, free competition, investment, job creation, and the well-being of all Colombians.

You may also be interested in: Digital transformation to prevent risks such as money laundering

What happens if I break the rule?

Failure to comply with the regulations will give rise to a fine or sanction contemplated by the Superintendence of Companies.

If you don’t know where to start, consult the UIAF website and also look for allies to support you in this effort. At Cadena, for example, we help companies control ML/FT risks with an expert legal team. Learn more about how we can support you  here .



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