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Colombian regulator could fine Bancolombia over online service interruptions

Colombia'sfinancial regulator, Superintendencia Financiera, is investigating over failures inits online platform in recent months.

The bank'stechnology platform has experienced 15 failures in the last three months andthe regulator is investigating to see if fines may be applicable, Miguel ÁngelVillalobos Hernández, the regulator's head of operational risk, said during apress conference according to an Oct. 11 Portafolioreport.

Theregulator reportedly asked the bank in July to take urgent measures to improveits service online, including hiring an external auditor, but the platform wasagain unavailable recently due to the bank's failure to renew its domain name,bancolombia.com, the report said.

In astatement, Bancolombia noted that its issues are not due to any cyberattack andthat clients' information is safe.