This Decree regulates the minimum conditions to open an electronic deposit account in Colombia. The deposit must be associated with one or more instruments allowing the transfer of funds through text messages. The service contract shall establish whether the Specialized Society in Deposits and Electronic Money (SEDPE) will offer an interest rate for its services.
To open a simple electronic deposit account, the client will only need to present his name, identification document,and identification number. The account's transaction limits must be communicated to the client before the settlement of the contract. Every consumer is entitled to only one electronic deposit.
Entities must inform clients of all anti money laundering (AML) measures to which they will be subject prior to the opening of an account.