Algeria’s central bank has introduced stringent measures aimed at preventing money laundering and the financing of terrorism, including the proliferation of weapons of mass destruction.
Published in Official Gazette issue no. 58, these regulations mandate all banks, financial institutions, and the financial services of Algeria Post to adopt a robust system for risk identification, evaluation, and management.
Under this new regime, institutions are required to develop and regularly update written programs to address these risks, with procedures tailored to their specific nature and size.
The system encompasses risks associated with emerging technologies, including the development of new products, services, and business practices, or the use of advanced or developing technologies.
A critical component of the regulations is the “Know Your Customer” (KYC) measures, which prohibit the opening of accounts or the establishment of business relationships without verified identification of the client and the ultimate beneficial owner.
The new text also outlines procedures for reporting suspicions, monitoring electronic transfers, and the seizure or freezing of funds and assets linked to virtual assets.
Algeria has several mechanisms in place to combat suspicious financial operations, including a specialized financial intelligence unit tasked with fighting money laundering and terrorist financing.
These measures underscore the country’s commitment to upholding international standards in financial security and combating illegal financial activities.
Algerian security agencies have thwarted a sinister terror plot orchestrated by the separatist group MAK, designed to disrupt the upcoming presidential elections and create chaos.
A total of 21 individuals linked to this terrorist organization have been arrested.
According to the Algerian Ministry of Defense, security forces in the northeastern part of the country apprehended an individual actively involved in a terrorist network.
This suspect was found in possession of a cache of firearms and ammunition concealed in his vehicle, intended for illegal entry into Algeria to fuel potential terror activities.
