Published legislation and draft legislation - Colombia

Access to financial products and/or services for Venezuelan citizens

Circular 60/2018 - Colombian Financial Authority

On 21 September, the Financial Authority issued Circular 60/2018 authorizing the Special Leave to Remain (SLR) as a valid identity document for opening and/or onboarding financial products and services. This provision provides mechanisms to make the migration process easier and enable Venezuelan citizens to remain in Colombia legally.

The Circular recognizes the Special Leave to Remain (SLR) document when it is supported by a Venezuelan identity card or passport, as legitimate and sufficient identification for acquiring financial products and/or services in Colombia.

The Special Leave to Remain (SLR) will be valid for ninety days (renewable for the same period of time up to a maximum of two years) and is only given to Venezuelan nationals who meet the following requirements: they were in Colombia on 2nd February 2018, having entered the country through a Migration Control Post with a passport; they have no criminal record, whether domestic or international, and there are no expulsion or deportation orders in force over them.

Colombia's Financial Authority has on numerous occasions urged regulated institutions to accept the Special Leave to Remain (SLR) as legitimate and sufficient identification, if supported by the corresponding Venezuelan identity card or passport, for acquiring financial products and/or services in Colombia.

In any event, for linkage of Venezuelan nationals, regulated institutions must ensure that risk management systems are properly followed and particularly that they comply with Know Your Customer instructions.