Anti-Money Laundering (AML) and Know Your Customer (KYC) Requirements for Businesses Operating in Algeria

Introduction

This document outlines the Anti-Money Laundering (AML) and Know Your Customer (KYC) requirements for businesses operating in Algeria. It provides a comprehensive guide to help businesses comply with regulatory obligations and maintain a secure environment.

Identity Verification

Key Points:

• Obtain an individual’s name, date of birth, and address through various documents such as ID cards, driving licenses, passports, utility bills, bank statements, or government-issued documents.
• Identity verification is not a one-time process but is required in multiple instances as per regulations.
• The application and choice of when to deploy identity verification procedures depend on the client’s requirements and conveyance to Shufti Pro.

Politically Exposed Persons (PEPs) and Enhanced Due Diligence (EDD)

Key Points:

• In the absence of explicit regulations, clients may utilize EDD measures for high-risk End-users.
• Shufti Pro provides AML Screening services that screen an individual’s selected ID attributes against watchlists of global regulatory authorities, foreign and domestic databases, compromised PEPs, and sanctioned individuals.

Reliance on External Services

Key Points:

• In the absence of explicit regulations, clients may seek the services of a third party for fulfilling AML/KYC obligations.
• Regardless of reliance on a third party, the client will remain liable for maintaining regulatory compliance as well as fulfilling AML and KYC obligations.

Record Retention

Key Points:

• As per Algerian regulations, data must be retained for not less than five (5) years.
• This is a part of the client’s AML and KYC obligations for due diligence.