Algiers, October 28, 2024 – The Financial Markets Regulatory and Control Commission (COSOB) has called on financial market participants, particularly brokers and collective investment institutions, to adhere to the provisions of the new law on anti-money laundering (AML), combating terrorist financing, and controlling the proliferation of weapons.
During an informational and awareness event held in Algiers, COSOB Chairman Youcef Bouzenada emphasized the need for market players to establish vigilance and prevention mechanisms against the risks of money laundering, terrorist financing, and the spread of weapons of mass destruction. This compliance, Bouzenada stressed, is essential to align with international standards, particularly those outlined by the Financial Action Task Force (FATF), the global body guiding efforts to combat these threats.
The new law, ratified by the Ministry of Finance and published in the Official Gazette No. 67 on October 7, 2024, mandates compliance by various entities, including stock market brokers, securities holders, collective investment funds, the Algiers Stock Exchange, the Central Securities Depository, venture capital firms, and managers of crowdfunding platforms.
Bouzenada stated that, as an initial step, regulated entities must appoint internal officers responsible for overseeing compliance with the law. These officers will act as liaisons between their institutions and the specialized Financial Intelligence Unit (FIU), which monitors suspicious transactions and financial activity.
He further stressed that in order to secure the stock market’s operations, market participants must adopt risk assessment strategies and implement vigilance procedures regarding customers, transactions, and securities operations. Bouzenada also recommended setting up internal monitoring systems to ensure strict compliance with the law’s requirements, including the creation of suspicious transaction reports (STRs).
The COSOB chairman revealed that 28 market participants are subject to the new law’s provisions. These actors are expected to develop action plans to comply with the new framework, which requires investment in new alert and information systems designed to detect potential money laundering attempts.
Bouzenada explained that the goal of this awareness event was to clarify the legal requirements and sensitize market participants on the importance of protecting Algeria’s financial system against illegal activities.
The event provided detailed explanations of the preventive and countermeasures that financial institutions should implement to combat money laundering, terrorist financing, and the proliferation of weapons of mass destruction.
Participants were reminded that the recommended measures are in line with FATF guidelines, which seek to establish global legal frameworks to shield financial systems from illicit money flows. The event emphasized that compliance with these frameworks is critical to protecting the integrity of Algeria’s financial market.
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Author: nor-eleslam
Keyphrase: anti-money laundering law in Algeria’s financial market
