Banco de la República as a Client and Service Provider
The following information is required by suppliers, contractors, and users of Banco de la República's services through the completion of forms such as the "Know-your-Customer" form, "Know-your-Supplier" form, or due diligence forms. They include information on the Central Bank’s legal nature, inspection, surveillance, and control, statements on the origin of resources, anti-money laundering and counter-terrorism financing and proliferation of weapons of mass destruction system, risk policy, anti-corruption and anti-fraud policy, Politically Exposed Persons (PEP), and accounting and tax information. The relevant information is as follows:
1. Legal Nature: Banco de la República is established as a legal institution of public law and constitutional status, with administrative, patrimonial, and technical autonomy, subject to its own legal framework as established in Articles 371 to 373 of the Political Constitution, Law 31 of 1992, and its Bylaws (Decree 2520 of 1993). Banrep is responsible for exercising the specific functions of the Central Bank of the Colombian State.
Therefore, as it is not incorporated as a joint stock company, it does not have a “corporate structure.” There is no shareholders' meeting or list of shareholder composition.
For further information, see the regulations regulations governing the Bank.
2. Inspection, Surveillance, and Control[P: Inspection, surveillance, and control of Banco de la República correspond to the President of Colombia, who delegated inspection and surveillance functions to the Financial Superintendency of Colombia and control functions to the General Auditor of Banrep.
Fill out the information on the Bank's control, oversight, and surveillance scheme.
3. Declaration on the Origin of Resources and Anti-Money Laundering and Counter-Terrorism Financing and Proliferation of Weapons of Mass Destruction (AML/CFT/WMD): Given the nature and legal framework of Banco de la República, its assets and resources come from the performance of its functions as the Central Bank, to which they must also be destined. Consequently, Banrep's equity is sufficient guarantee to fulfill its contractual obligations.
As an institution supervised by the Financial Superintendency of Colombia, Banrep must apply the rules and instructions on prevention, detection, and control of money laundering and terrorist financing provided by the Financial Superintendency of Colombia. Based on this, it applies the Anti-Money Laundering and Counter-Terrorism Financing and Proliferation of Weapons of Mass Destruction system (AML/CFT/WMD).
For more information, visit Banrep's "Anti-Money Laundering and Counter-Terrorism Financing and Proliferation of Weapons of Mass Destruction (AML/CFT/WMD)" page.
4. Comprehensive Risk Management System: As part of its internal control system, Banco de la República relies on the Office for Risk Management for the consolidation and administration of the Integrated Risk Management model. This Office promotes risk culture across all processes and areas. It also develops policies, procedures, methodologies, and tools aimed at efficiently managing risks and anticipating situations that may threaten the fulfillment of its functions and organizational objectives. The Office focuses on relevant risks, i.e., those involving high-impact potential financial and/or reputational losses. Risk management covers both financial and non-financial risks to which Banrep is exposed in the development of its processes. These risks are monitored and reported periodically to the Risk Committee, formed by the majority of the Board Members.
As part of its risk management system, Banco de la República has an anti-fraud strategy which includes several elements, such as: (i) the Code of Conduct, which contains values, principles, standards, anti-corruption measures, and behavioral guidelines for all staff; (ii) Behavioral agreements in the procurement and contracting of goods and services; (iii) Guidelines on gifts and invitations; (iv) Policies for handling conflicts of interest; (v) Reporting channels and procedures; and (vi) Transparency and Public Ethics Program (available in Spanish).
Por tratarse de un órgano del Estado, los servidores del Banco de la República se encuentran sujetos al Código General Disciplinario (Ley 1952 de 2019), conforme al cual constituye falta gravísima no declarase impedido oportunamente cuando exista la obligación de hacerlo; demorar el trámite de las recusaciones, o actuar después de separado del asunto.
For more information, visit the page "The Role of Suppliers in Banrep’s Comprehensive Risk Management System"
5. Politically Exposed Persons (PEP): Article 2.1.4.2.3. of Decree 1081 of 2015 - Regulatory Decree of the Presidency of the Republic, as amended by Article 02 of Decree 830 of 26 July 2021, explicitly designates the Governor and the Members of the Board of Directors of Banco de la República as Politically Exposed Persons (PEP) (numeral 8). In addition, the Deputy Technical Governor, the Deputy Executive Governor, and the Chief Officers for the Main Office are also considered Politically Exposed Persons.
6. Information Security Management System (ISMS): Banco de la República strives for (i) the security of its information assets; (ii) the cybersecurity of Information and Communication Technologies (ICT), which support the critical infrastructure of the financial sector and Banrep’s operations; and (iii) the cybersecurity of tangible and intangible assets that are vulnerable through ICT.
To achieve these objectives, best practices have been adopted, and an Information Security Management System (ISMS) has been established consisting of policies, technical and general information security standards, computer architecture, processes and procedures, organizational structure, and verification and control mechanisms. These are intended to ensure that information security risks and cybersecurity risks are known, accepted, managed, and mitigated in a documented, systematic, structured, repeatable, efficient, and adaptable manner to changes in risks, the environment, and technologies.
Information Security and Cybersecurity Policies are key elements within the ISMS, providing guidelines that frame the actions of all Banco de la República's staff and contractors.
The ISMS of Banco de la República is certified with ISO/IEC 27001:2013. Banrep continuously monitors its security posture using various tools and frameworks (e.g., NIST CSF and Security ScoreCard indicators) to maintain the certification of these policies.
For more information, please refer to the General Information Security Policy
7. Business Continuity Management System (BCMS): Banco de la República is committed to society, seeking to contribute to the sustainable growth of the country in its economic, social, and environmental dimensions. To uphold this commitment, it has a BCMS, which provides the necessary resilience to continue performing the functions assigned to it by the Political Constitution, the Law, and its Bylaws at acceptable levels, thus providing stability to the country's financial system and confidence to society in general.
For more details, please review Banco de la República’s Business Continuity Plan (in Spanish only).
8. Protection of Personal Data: In compliance with personal data protection regulations (Law 1266 of 2008, Law 1581 of 2012, Decree 1074 of 2015, and other amendments, supplements, or replacements), Banco de la República, as the Data Controller, has a policy and general guidelines for personal data protection.
9. Accounting and Tax Information: Below is Banco de la República information for invoicing purposes:
General Information
Company Name: Banco de la República
TIN: 860.005.216-7
Main address: Carrera 7 # 14-78
Zip Code: 111711
Department: Capital District
Municipality: Bogotá
Corporate Purpose: Central Bank
Contact Information
Citizen Service System
Phone: +57 (601) 343-1111
Fax: +57 (601) 286-1686
Accounting Information
Company Size: Large company
Tax Classification: Major Taxpayer
Income Tax and Additional Taxes Regime: Income and equity
Exempt from Withholding Tax at Source? Yes
VAT Responsible? Yes
Withholding Agent for Income Tax and Additional Taxes? Yes
Self-Withholder of Income Tax and Additional Taxes? No
VAT Withholding Agent? Yes
Industry and Trade Tax (ICA in Spanish) Withholding Agent? Yes
ICA Rate in Bogotá: 14x1,000
Main Economic Activity - ISIC Code: 6411
Secondary Economic Activity - ISIC Code: 9007
Electronic Invoicing E-mail: dcip-Facturacionelectronica@banrep.gov.co
Area Responsible for Receiving Invoices: National Payments and Collections Section
10. Additional information: For further details regarding the nature, legal framework, financial information, contracting, budget, code of conduct, functions and services, control, surveillance and oversight bodies, Anti-Corruption Plan, and Anti-Fraud Strategy, please visit our Transparency site.
