Consequently, correspondents can now provide their services through mobile facilities and digital infrastructure.
In addition, prior approval of the models of correspondent contracts by the Financial Superintendence was suppressed.
Through Decree 222 of February 14, 2020, the National Government introduced some modifications to the regulation on correspondents in Colombia.
Previously, correspondents could only provide their services if they had an adequate physical infrastructure. Now, the provision of its services is admitted not only through a physical infrastructure, but also through mobile facilities and digital infrastructure.
Likewise, the Decree suppressed the previous approval given by the Financial Superintendence to the models of contracts with banking and insurance correspondents.
Instead, it was established that the financial or insurance entity shall keep available to said Superintendence the complete and updated information of the correspondents, as well as the contracts concluded with them and their respective amendments.