ALGIERS - The Bank of Algeria has just published a new regulation on preventing and combating money laundering, the financing of terrorism and the proliferation of weapons of mass destruction.
The purpose of this regulation, published in Official Journal No. 58, is to define the prevention and fight against money laundering, the financing of terrorism and the financing of the proliferation of weapons of mass destruction, which banks, financial institutions and the financial services of Algérie Poste must put in place.
These institutions are required to set up and maintain “written” programs in this area. They must also draw up a risk identification and assessment system, as well as a policy adapted to these risks. The measures taken are proportionate to the nature and size of the institution.
This includes risks associated with new technologies, including the development of new products, services and business practices, or the use of new or developing technologies.
The regulation requires institutions to apply “effective” customer identification measures, according to which no account can be opened, no business relationship can be established and no transaction can be carried out if the identity of the customer and the real beneficiary cannot be identified and verified.
The new text also specifies the procedures for reporting suspicions, monitoring electronic transfers, seizing and/or freezing funds and assets, and blocking transactions linked to virtual assets.
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