Regulatory Alerts2024-01-01
COSOB Regulation No. 24-01 on the Prevention and Fight Against Money Laundering, Terrorism Financing, and Financing of Proliferation of Weapons of Mass Destruction
The Algerian Ministry of Finance, via the Commission for the Organization and Supervision of Stock Exchange Operations (COSOB), has approved Regulation No. 24-01 to enforce strict anti-money laundering and counter-terrorist financing measures on regulated financial intermediaries. The regulation mandates that these entities implement a risk-based approach, including comprehensive risk assessments, updated internal procedures, and enhanced due diligence for clients and beneficial owners. It establishes detailed identification requirements, ongoing monitoring obligations, and protocols for reporting suspicious activities to the Financial Intelligence Processing Unit (CTRF).
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