Financial Crime World

Algeria Seeks to Boost Compliance with AML/KYC Regulations

As a member of the Middle East and North Africa Financial Action Task Force (MENAFATF), Algeria has joined the Financial Action Task Force (FAFT) to ensure that businesses in the country adhere to local and international KYC/AML regulations.

Regulatory Overview

The Bank of Algeria (Banque d’Algérie), along with the Financial Intelligence Processing Unit (CTRF), are responsible for enforcing AML/KYC regulations in the country. The primary regulation is the Law on the Prevention and Fight against Money Laundering and Financing of Terrorism.

Key Points

  • The Bank of Algeria and CTRF are responsible for enforcing AML/KYC regulations.
  • The Law on the Prevention and Fight against Money Laundering and Financing of Terrorism is the primary regulation.

Data Protection Regulations

Data protection rights in Algeria are protected by Law No. 18-07 of 25 Ramadhan 1439 Relating to the Protection of Individuals in the Processing of Personal Data. However, the country does not have an active data protection authority. To maintain compliance and avoid future regulatory challenges, businesses should adhere to global data processing standards.

Key Points

  • Law No. 18-07 of 25 Ramadhan 1439 Relating to the Protection of Individuals in the Processing of Personal Data protects data protection rights.
  • The country does not have an active data protection authority.

Verifying Users in Algeria

Smile ID offers a comprehensive identity verification solution that empowers fast-growing enterprises to maintain compliance, prevent fraud, and streamline user verification processes seamlessly. The platform verifies up to 6 types of Algerian IDs, including National IDs, Driver’s licenses, and Passports, with a 99.8% accuracy rate for all African skin tones.

Key Features

  • Verifies up to 6 types of Algerian IDs
  • 99.8% accuracy rate for all African skin tones

Deploying ID Verification in Algeria

Smile ID’s image capture SDKs are optimised for low bandwidth and compatible with all software versions from Android 5.0 upwards. The platform conducts global AML checks against over 1,100 sanctions, PEPs, and adverse media watchlists. Enterprise-level security standards, including ISO 27001 and SOC 2 Type 1 & 2 certifications, ensure the highest level of data protection and compliance.

Key Features

  • Optimised for low bandwidth
  • Compatible with all software versions from Android 5.0 upwards
  • Conducts global AML checks against over 1,100 sanctions, PEPs, and adverse media watchlists
  • Enterprise-level security standards, including ISO 27001 and SOC 2 Type 1 & 2 certifications

Getting Started with Smile ID

Smile ID is equipped to help businesses level up their KYC/AML compliance stack. The team is ready to understand needs, answer questions, and set up an account. With a comprehensive identity verification solution in one place, Smile ID offers document verification with 96% OCR accuracy, integration options via API or no-code, and seamless onboarding for customers in Algeria.

Key Features

  • Comprehensive identity verification solution
  • Document verification with 96% OCR accuracy
  • Integration options via API or no-code
  • Seamless onboarding for customers in Algeria