Regulatory Alerts2025-02-26
Instruction COSOB No. 25-01 of February 26, 2025, Establishing Rules for Implementing Competence and Honorability Tests for Executives of Entities Subject to COSOB Supervision in the Fight Against Money Laundering, Terrorist Financing, and Proliferation Financing
The Algerian Commission for the Organization and Supervision of Stock Market Operations (COSOB) issued Instruction No. 25-01 to mandate rigorous competence and honorability assessments for executives of entities under its supervision. The instruction requires regulated entities to implement evaluation programs covering anti-money laundering, terrorist financing, and proliferation financing risks, alongside thorough background checks on integrity, professional history, and financial transparency. These tests must be conducted prior to appointment and at least every five years, with detailed results documented and submitted to the Commission for verification.
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