🇩🇿AlgeriaNorth Africa
Bank of Algeria tightens KYC rules for financial sector
via Algérie3603 min read
The Bank of Algeria has introduced new regulations, instruction 04-26 dated April 30, 2026, to enhance financial transaction security and transparency. This reform, following a decree from July 24, 2024, aims to align Algeria with international standards for combating money laundering, terrorism financing, and the proliferation of weapons of mass destruction. The directive establishes a four-level control system to prevent the opening of accounts with fictitious identities or without thorough verification. This process includes physical collection of identity and residency documents, systematic verification against official independent sources like beneficial owner registries and Politically Exposed Persons PEP databases, hierarchical validation, and an independent Back Office audit. The directive outlines specific identification requirements for various client categories. For individuals and self-employed persons, it mandates documentation of fund origins and projected cash flows. For legal entities, banks must identify shareholders, executives, and beneficial owners with real control. Associations and NGOs must provide their statutes, identify their leaders, and justify the origin of their funding, whether donations or sponsorships. The Bank of Algeria also implements a risk-based approach, classifying clients by status resident/non-resident, PEP, product type with cash under high surveillance, and transaction geography. Banks are now obligated to refuse business relationsh
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This summary was AI-generated from a story originally published by Algérie360.
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