Normative Framework
UIAF
Resolution 059 of 2013, by which the obligation to report directly to the Financial Information and Analysis Unit is imposed to the professionals of purchase and sale of foreign currency.
DIAN
Resolution 000061 of November 03, 2017. By which the requirements, conditions and procedure to access the registration of professionals of purchase and sale of foreign exchange and traveler’s checks are established; the requirements and processing of applications for accreditation as a foreign exchange correspondent are indicated and the Asset Laundering Risk Management System is indicated. Financing of Terrorism and Financing of the Proliferation of Weapons of Mass Destruction (WMD) for the activity of foreign exchange professionals.
Bank of the Republic
External Resolution No. 1 of 2018, by which the International Exchange Regime was understood and modified.
Current Regulations.
Foreign exchange obligations related to the purchase and sale of foreign exchange (Resolution 1 of 2018) – Banco de la República –
- All foreign exchange operations for the purchase and sale of foreign currency are carried out by means of an exchange declaration, which contains the identification of the declarant, the benefit of the operation and other characteristics regulated by the Banco de la República.
- Foreign currency purchases are paid in cash when the amount is up to ten thousand United States dollars (US $10,000) or its equivalent in other currencies.
- Deposits or any other financial transaction in foreign currency or, in general, any contract or agreement between residents in foreign currency is not authorized.
- The foreign exchange professional must perform a due diligence process on his clients that allows him to know and verify the identity of both the client and the final beneficiary of the transaction.
- The foreign exchange professional must require the presentation of the original identity document. A copy of the identity document must be requested for transactions of purchase and sale of currencies equal or exceeding one thousand United States dollars (US $1,000) or its equivalent in other currencies.
REQUIRED DOCUMENTS
NATURAL PERSON
- Identity card (over 12 years old).
- Citizenship card.
Foreigner’s identification card (foreigners residing in the country). - Passport (foreigners).
- DNI (National Identity Card) for Mercosur member and associated countries.
- Diplomatic card.
REQUIRED DOCUMENTS
LEGAL ENTITY
- RUT (Registro unico tributario).
- Certificate of Chamber of Commerce (not older than 30 days).
- Photocopy of the legal representative’s identity card.
- Document that certifies name, identification and percentage of participation of the partners with more than 25% of the capital stock.
- In case the transaction is made by a third party, attach a letter of authorization signed by the legal representative indicating the amount and the origin or destination of the foreign currency.