Colombia’s Superintendence of Companies (SuperSociedades), a governmental agency overseeing corporate operations in the country, has initiated an investigation into unicorn delivery startup Rappi S.A.S. The investigation centers around allegations of Rappi’s failure to adhere to business ethics regulations, particularly related to risk management and transparency.

SuperSociedades has levied two statements of charges against Rappi, focusing on its alleged non-compliance with the “Self-Control and Integral Risk Management, Suspicious Operations Reporting” (SAGRILAFT) regime and the requirement for a “Transparency and Business Ethics Program” (PTEE). In essence, the agency questions whether Rappi has established sufficient measures to mitigate potential criminal activities such as money laundering, bribery, and terrorist financing.

Billy Escobar Pérez, head of SuperSociedades, stated, “The Entity continues with the commitment to verify compliance with the guidelines regarding the self-control and integral risk management system, in order to prevent negative consequences for the country’s economy and for the companies.”

If found guilty, Rappi could face fines of up to $62,149 USD for these alleged infractions.

Responding to the investigation, Rappi asserted that it is already in the process of implementing the required measures. The company acknowledged a visit and information request from SuperSociedades, indicating that the engagement was managed rigorously and in adherence to the agency’s inquiries.

Rappi clarified that the investigations are not linked to suspicious activities but instead concern the company’s ability to prevent illicit funds from entering its system. In response to the situation, the delivery giant reported hiring both a principal and alternate compliance officer to oversee these efforts.

In May, Rappi took further steps by assembling an expert team specializing in regulatory compliance. This team is solely dedicated to ensuring that all processes, procedures, and transactions are conducted in full compliance with legal and regulatory obligations. The company also incorporated both internal and external audit processes to strengthen its adherence to ethical and legal standards.

Rappi’s proactive response to these investigations underscores its commitment to maintaining the highest level of business ethics and regulatory compliance as it navigates the complex landscape of the delivery industry.