Here is a rewritten version of the article in markdown format:

Banking Compliance Procedures in Algeria Under Scrutiny

=====================================================

Introduction

The Central Bank of Algeria has undergone significant transformations since its establishment by Law No 62-144 in 1962. The banking system has been shaped and reshaped over the years through various amendments, with the most notable changes occurring in the 1970s, early 1980s, and 1990.

Major Overhaul

A major overhaul was introduced with Law No 90-10 on April 14, 1990, which completely redefined the Algerian banking landscape. The Ordinance No 03-11 of August 26, 2003, further refined currency and credit regulations, underscoring the country’s commitment to modernizing its financial sector.

Globalization and Regulatory Pressure

However, with increasing globalization and the rise of international financial institutions, Algeria has faced growing pressure to adhere to stringent banking compliance procedures. The Central Bank is under scrutiny to ensure that local banks are meeting international standards on:

• Money laundering prevention
• Anti-terrorism financing
• Other critical areas

Conclusion

As the Algerian economy continues to evolve, it remains essential for the country’s banking sector to stay ahead of the curve in terms of regulatory compliance. This will not only help maintain investor confidence but also facilitate the flow of capital into the country.