Regulatory Alerts2024-11-21
Instruction COSOB No. 24-07 of November 21, 2024 on Client Vigilance Measures for the Prevention and Fight Against Money Laundering, Terrorism Financing, and Proliferation Financing
The Algerian Stock Market Supervision Commission (COSOB) issued Instruction No. 24-07 to mandate strict client vigilance measures for financial intermediaries and related entities to combat money laundering, terrorism financing, and proliferation financing. The instruction requires regulated entities to implement robust internal policies, conduct enhanced due diligence on high-risk clients, and enforce rigorous identification and verification procedures for all customers and beneficial owners. It further establishes specific protocols for remote client relationships, electronic fund transfers, and continuous transaction monitoring to ensure compliance with national and international regulatory standards.
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