Financial Crime World

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Algeria Eyes Compliance with Blockchain-Based AML Solutions

The Algerian government has taken steps to strengthen its anti-money laundering (AML) regulations, with a focus on implementing blockchain-based solutions to combat financial crimes.

Implementing Robust AML Frameworks

According to sources, the Bank of Algeria and the Financial Intelligence Processing Unit (CTRF) are working together to develop a robust framework for AML compliance. This includes the use of blockchain technology to track and monitor suspicious transactions in real-time.

Key AML Regulation: Law on Prevention and Fight against Money Laundering

The primary AML regulation in Algeria is the Law on the Prevention and Fight against Money Laundering and Financing of Terrorism, which requires businesses to implement effective KYC/AML measures.

Data Protection Regulations in Algeria

Data protection regulations are also a key consideration in Algeria, with the country’s data rights protected by Law No. 18-07 of 25 Ramadhan 1439 Relating to the Protection of Individuals in the Processing of Personal Data.

Achieving AML and Data Protection Compliance with Smile ID

To stay compliant with AML and data protection regulations, businesses in Algeria can leverage Smile ID’s comprehensive identity verification solution. This includes:

  • Six types of Algerian IDs: verifying National IDs, Driver’s licenses, and Passports with a 99.8% accuracy rate for African skin tones.
  • Image capture SDKs: optimized for low bandwidth and compatible with all software versions from Android 5.0 upwards.
  • De-biased models: preventing biases in facial recognition.
  • Global AML check: against over 1,100 sanctions, PEPs, and adverse media watchlists.

Enterprise-Level Security Standards

In addition, Smile ID’s enterprise-level security standards, including ISO 27001 and SOC 2 Type 1 & 2 certifications, ensure the highest level of data protection and compliance.

Effortless AML Compliance with Smile ID

By partnering with Smile ID, businesses in Algeria can effortlessly achieve AML and KYC compliance while expanding their user verification processes seamlessly. With Smile ID, verifying users in Algeria has never been easier.