Coljuegos, the Colombian Gambling Authority, is pushing for greater communication between the gambling and financial sectors to overcome system barriers.
Marco Emilio Hincapié, Coljuegos President, met with César Attilio Ferrari, Financial Superintendent, to start the conversation.
The two discussed the need for better recognition of the work Coljuegos does, including the rigorous administrative processes undertaken as part of risk analysis inspections, and the implementation of the Money Laundering and Terrorist Financing Risk Management System (SARLAFT).
Ferrari said: "Our goal is to build bridges that eliminate unjustified stigmas about an industry that contributes significantly to health.
“We want the banks to recognize that an operator authorized by Coljuegos meets standards of the highest level."
During the meeting, the two proposed a further meeting to organize a specialized meeting with the compliance officers of the banking system.
This would help them understand the strict legal requirements that operators must meet to obtain a gambling license from Coljuegos.
Hincapié said: "We are working to provide greater guarantees to authorized operators in the country.
“Our goal is to overcome the barriers that hinder the proper functioning of this industry, which is so important for the financing of the Colombian health system.
"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 the face of our operators' requests."
There was also a focus on virtual payment systems, which are still a point of contention in the licensed gambling sector
