Under good business practices, a company can implement and design systems, policies, and procedures for the preventive control of regulatory risks of companies. Generating a culture of prevention for the sake of regulatory and procedural compliance in the operation of a company will determine the success, since it will allow an early visualization of possible…
Entities – regulated entities – according to their activities, nature, size, and operations, must identify, evaluate, and understand their risks of money laundering and asset laundering (AML), financing of terrorism (FT) and the financing of proliferation of weapons of mass destruction (FPADM), with the objective of implementing controls aimed at ensuring that the identified risks…
Having policies and controls for the prevention of money laundering is of vital importance for organizations (whether supervised or not) to avoid incurring administrative or criminal liabilities, taking into consideration that the Criminal Codes regulate this crime in its intentional and reckless modalities. Legal persons are obliged to implement policies and controls when they are…
By: Daniela Matus In recent years, the operation and interconnection between companies due to the use of internet and everything related to new technologies, has increased and with it, the strengthening of cybersecurity mechanisms. Cybersecurity is understood as the practice of protecting information systems against digital attacks, being that the information of a company is…
By: Yoser González More and more companies are showing interest, becoming informed, joining, and implementing policies, programs or compliance management models focused on environmental matters, or seeking to review or update their existing policies. But what should we understand by environmental compliance, and why is it important to implement a compliance program in the company? And…
By: Astrid Dominguez In law, prevention is an especially valuable practice. It focuses on identifying and resolving problems before they occur, allowing us to minimize risk and ensure long-term success. By integrating prevention into management, we can improve efficiency, increase the satisfaction of our clients and leaders, and strengthen the organization’s position in the marketplace….
By: Grossnie Velásquez Have you ever found yourself wondering about the criminal liability of legal representatives? In this article we will try to explain the different legal concepts and principles involved when it comes to the criminal liability of legal representatives. We will explore how these principles apply in various scenarios and understand their importance…
By: Marcela Zelaya The purpose of the Anti-Money Laundering Law is to prevent, detect, sanction and eradicate the crime of money laundering, as well as its concealment, expressly stating that financial entities must adopt policies, rules and mechanisms of conduct, as well as develop and implement programs, standards, procedures and internal controls to prevent activities…
Is there general legislation related to the right to privacy and/or informational self-determination? In Central America, the Political Constitution of each country regulates the right to privacy and/or informational self-determination. In the case of Guatemala, the Constitutional Court, with respect to the recognition and protection of the rights to intimacy and privacy, has indicated that…
Regional Regulatory Compliance team Regulation in Central America and suggestions for compliance. Extinguishment of ownership is legally defined as the loss in favor of the State of any right over assets susceptible of economic valuation, without consideration of any nature for its owner or any person who holds or behaves as such. This type of…
By: Maria Teresa Estrada Before developing the issue in question, it is important to mention that in Guatemala there is no law that specifically regulates the protection of personal data. The Law on Access to Public Information[i] establishes certain important parameters related to the matter (personal data, habeas data, confidential information, treatment and access to…
By: Rodrigo Taboada y Mónica Brenes A good compliance program in a company must have risk mapping and a whistleblower channel. In order to reduce the risks of becoming involved in corrupt practices or being in non-compliance with its internal and external regulatory obligations, it is important that the company performs a risk mapping, which…