Clearing account holders in Colombia are subject to reporting obligations before both the Banco de la República and the National Tax and Customs Directorate (DIAN), as outlined in DIAN Resolution 000204 of 2025, External Resolution 1 of 2018 issued by the Board of Directors of the Banco de la República (Banrep), and Banrep’s External Regulatory Circular DCIP-83.
This regulatory framework aims to strengthen oversight of foreign exchange flows that are not processed through foreign exchange market intermediaries—typically Colombian financial institutions—but instead through offshore bank accounts held by Colombian residents subject to foreign exchange controls. These accounts must be duly registered with Banrep as clearing accounts.
What Is a Clearing Account?
Clearing accounts are foreign currency bank accounts held with financial institutions abroad by individuals or legal entities classified as foreign exchange residents in Colombia. These accounts are used to manage funds related to operations that must be mandatorily channeled, including:
- Imports.
- Exports.
- International investments.
- Foreign debt operations.
- Settlement of foreign currency obligations between Colombian foreign exchange residents.
Because clearing accounts allow for the receipt and disbursement of foreign currency without the direct involvement of Colombian banks, their use entails heightened responsibilities for compliance with Colombia’s foreign exchange regulations.
For instance, those who use such accounts to acquire shares in foreign companies or to purchase real estate abroad must register these transactions as direct foreign investments from Colombia, and the account used must be reported under the clearing mechanism with Banrep.
Obligations of a Clearing Account Holder
Before Banco de la República (Banrep)
- Registration of clearing accounts: The account must be registered through Banrep’s Exchange Information System (SIC) within the calendar month following the first transaction that is subject to mandatory channelling.
- Monthly Movement Report (Form 10): A Form 10 must be filed every month, even if no transactions were recorded in the clearing account.
Before the National Tax and Customs Directorate (DIAN)
Clearing‑account holders must also submit a foreign‑exchange information return (distinct from the tax information return). This quarterly filing must include, inter alia, the transaction amount in US dollars, type of transaction, date of fund transfer, name of the foreign beneficiary, and the destination city and country.
The return is filed using DIAN’s prescribed formats and technical specifications. If an error is later detected or if the originally reported data change, the account holder is required to correct the return within the same reporting period.
Even when there are no movements in the clearing account during the quarter, the holder must file Form 1070, “Report of Absence of Operations to be Reported.”
Updated Deadlines for the Foreign‑Exchange Information Return
Although the return is generally due on a quarterly basis, DIAN suspended the filing deadlines in 2024 owing to technical upgrades to its systems. Resolution 000204 of 2025 reinstated the deadlines as follows:
- Q4 2023 and the entire 2024 calendar year: information must be filed no later than 31 October 2025.
- Transactions for 2025: the filing deadline is 31 January 2026.
- Transactions for 2026: returns must be filed in accordance with DIAN’s regular 2026 filing calendar.
Given these requirements, it is essential to obtain robust tax and foreign‑exchange compliance support and to streamline the handling of cross‑border and foreign‑trade transactions. Proper compliance will help avoid penalties and ensure efficient management of international operations.
