On August 10, 2023, the SEC instituted settled cease-and-desist proceedings against Grupo Aval Acciones Y Valores S.A. and Corporación Financiera Colombiana S.A., stating: "These proceedings arise out of Corficolombiana’s involvement, through its former president as described below, in a bribery scheme related to the largest highway construction project in the history of Colombia, known as Ruta del Sol II (“RDS 2”), and specifically the construction of a road extension to the RDS 2 (the “Ocaña-Gamarra Extension”). The bribe scheme took place against a backdrop of a failure to maintain sufficient internal accounting controls and books and records that concealed the bribes as legitimate business expenses."

On August 10, 2023, the SEC "charged Colombian conglomerate Grupo Aval Acciones y Valores S.A., aka Grupo Aval S.A., and its bank subsidiary, Corporación Financiera Colombiana S.A. (Corficolombiana), with violating the Foreign Corrupt Practices Act (FCPA). Grupo Aval, whose shares are traded on the New York Stock Exchange, agreed to pay $40 million to settle the SEC charges."