New Directive from the Bank of Algeria to Combat Fraud and Suspicious Transactions

The Governor of the Bank of Algeria, Mohamed Lamine Labo, announced the issuance of a new directive for banks within a week regarding the implementation of 'Know Your Customer' (KYC) standards, in order to adapt the national banking system to the transformations occurring in financing methods. According to Algerian television, Labo clarified during a dialogue session held today, Tuesday, April 28, as part of the second edition of the 'CEO Survey' at the International Conference Center 'Abdelatif Rahal' that this directive will be mandatory for all banks, taking into account the specificities of the activities of economic operators, who can, based on a simple declaration, disclose their future income and how it will be used 'without facing obstacles'.