Algeria: Insurance sector to adhere to AML/CFT requirements
Source: Middle East Insurance Review | May 2024
The Financial Intelligence Processing Unit (CTRF) of the Ministry of Finance has contacted financial institutions, including insurance companies and banks, about complying with regulations covering anti-money laundering and countering the financing of terrorism (AML/CFT).
The National Insurance Council (CNA) announced on its website that the Insurance Supervision Commission (CSA) supports the CTRF’s orders to financial institutions”.
Paris-headquartered FATF (Financial Action Task Force) has shared some observations with Algeria on the efforts needed to comply with the recommendations promoting the fight against money laundering and the financing of terrorism.
In this connection, the Ministry of Finance, through the CTRF, is asking insurance companies to map money laundering risks and to put in place mechanisms to prevent these risks.
Insurers must maintain a register of political exposed persons, such as senior state officials, political figures and persons in high positions of responsibility, who must be subject to increased surveillance. This should lead insurers to take more interest in the source of funds of this group of persons.
Algeria is a member of the FATF Middle East and North Africa (FATF MENA).
FATF MENA has published a mutual evaluation report of Algeria, presenting a comprehensive review of the effectiveness of the country’s AML/CFT system and its level of compliance with the 40 FATF recommendations. M