Combating money laundering and the financing of terrorism in the insurance industry

On 6 November 2024, the Insurance Supervisory Commission (Commission de Supervision des Assurances - CSA) published its “Regulation No. 1” for insurance and reinsurance companies and brokers operating in Algeria. This document sets out the obligations imposed on the parties concerned in terms of measures to prevent and combat money laundering, the financing of terrorism and the financing of the proliferation of weapons of mass destruction. The regulations are divided into nine chapters:

• Chapter 1: Risk-based approach
• Chapter 2: Customer due diligence
• Chapter 3: Document retention
• Chapter 4: Reporting suspicions
• Chapter 5: High-risk countries
• Chapter 6: Information and training/internal control
• Chapter 7: Group and subsidiaries
• Chapter 8: Implementation of Security Council resolutions
• Chapter 9: Sanctions

The complete “Regulation No.1” is available at the following links:

Arabic verion : https://cna.dz/wp-content/uploads/2024/11/Reglement-BAFT-N%C2%B01-Arabe.pdf

French version : https://cna.dz/wp-content/uploads/2024/11/Reglement-BAFT-N%C2%B01-Francais-1.pdf