Regulatory Alerts2002-01-01
Instruction CTRF No. 02-2023 on Financial Institutions' Obligations for Combating Money Laundering, Terrorist Financing, and Proliferation Financing
The Financial Intelligence Processing Unit (CTRF) of Algeria issued Instruction No. 02-2023 to define the anti-money laundering and counter-terrorist financing obligations for financial institutions. The directive mandates a risk-based approach requiring institutions to implement written prevention programs, conduct regular risk assessments, and apply enhanced or simplified due diligence measures based on identified risk levels. It further specifies strict requirements for customer identification, beneficial ownership verification, and the handling of politically exposed persons and insurance beneficiaries.
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