Do You Really Know Your Customers? The Lili Pink Case and Why Safeguarding Your Receivables Matters

The recent intervention by Colombia’s Attorney General’s Office in the Lili Pink stores for alleged money laundering has opened a conversation many Colombian companies have postponed: how well do we really know those who buy from us on credit?

This isn’t about distrusting every customer. It’s about having solid processes in place to make credit decisions based on verified information — and being prepared if a debtor faces legal situations that compromise their assets.

What the Lili Pink Case Reminds Us

When a company enters an asset forfeiture process, its assets are transferred to the management of the Special Assets Company (SAE – Sociedad de Activos Especiales), which can take years. In that scenario, the receivables you hold with that customer become trapped in a judicial process where the State has priority.

The “bona fide third party free of fault” figure (Law 1708 of 2014) exists precisely to protect suppliers and creditors who acted diligently. But to invoke it, you must demonstrate that real due diligence was performed before extending credit — and that requires documentation.

The message isn’t alarmist: it’s practical. Companies with their processes in order are in a much better position to protect their receivables.

Signs Worth Reviewing Before Approving a Credit Line

This isn’t about seeing risk in every customer, but about identifying combinations of factors that warrant a more careful review:

• Recently incorporated companies with operating volumes far exceeding their registered share capital.
• Frequent changes in legal representation or shareholder composition.
• Corporate structures involving foreign entities without clear commercial justification.
• Multiple business names sharing the same address, accountant, or legal representative.
• Refusal or unjustified delays in providing financial statements or basic company information.

None of these signals, on its own, implies that a customer has problems. But when several coincide, it’s prudent to conduct a more detailed review before committing significant amounts.

Due Diligence Practices Any Company Can Implement

Regardless of your company’s size, there are concrete actions that strengthen your customer onboarding processes:

• Identify the beneficial owner: know who actually controls the company you’ll be doing business with, beyond the legal representative.
• Cross-check restrictive lists: consult databases such as OFAC, UN lists, and records from the Attorney General’s Office, Inspector General’s Office, and Comptroller’s Office before approving significant credit lines.
• Request basic financial documentation in significant transactions: financial statements and a declaration on the origin of funds.
• Document the process: due diligence that isn’t recorded has no evidentiary value if you ever need to prove that you acted correctly.
• Maintain active monitoring: not only when onboarding the customer, but through periodic reviews — especially in the face of corporate changes or significant variations in payment behavior.

The Trébol Jurídico Approach: Prevention and Recovery Go Hand in Hand

At Trébol Jurídico, we specialize in strategic corporate receivables recovery. An essential part of our methodology is that every debtor entering our collection process first goes through a SAGRILAFT filter — the Self-Control and Comprehensive Risk Management System for Money Laundering and Terrorism Financing.

This isn’t a formality. It’s a deliberate decision that allows us to operate transparently, protect our clients, and ensure that the collection process doesn’t generate additional risks for any party involved.

Cases like Lili Pink reinforce why this step is so relevant. Receivables that are well managed from the start — with verified customers and documented processes — are much easier to recover when circumstances require it.

In Summary

Colombia’s business environment is evolving. Authorities are coordinating their supervisory efforts in increasingly articulated ways, and that has real implications for the credit and receivables areas of any company.

Knowing your customers, documenting your processes, and partnering with specialized allies isn’t a crisis measure. It’s a responsible management practice that protects your company’s assets over the long term.

Want to know how to apply these criteria in your receivables process? At Trébol Jurídico, we’re here to support you.

📞 Trébol Jurídico — Strategic Corporate Receivables Recovery