The Governor of the Bank of Algeria, Mohamed Lamine Lebou, announced Tuesday in Algiers the imminent release of a new mandatory directive for all banks, to be issued within the coming week, concerning the implementation of Know Your Customer (KYC) standards — a move aimed at aligning Algeria’s national banking system with the latest transformations in financing mechanisms.
Speaking exclusively to dzwatch during a dialogue session held on the sidelines of the second edition of the CEO Survey at the Abdellatif Rahhal International Conference Centre, Lebou confirmed the directive will be binding on all banks, while taking into account the specific nature of economic operators’ activities.
The Governor stressed the necessity of strict compliance with anti-money laundering and counter-terrorism financing regulations, praising Algeria Post’s efforts in updating its KYC files. He emphasized that digitalization remains a key lever for absorbing the cash circulating outside official banking channels.
