Algerian Radio
The Bank of Algeria (BA) organized a study day on Monday in Algiers regarding Instruction 04-2026, which it recently published, relating to the Know Your Customer (KYC) procedure. Applicable to banks, financial institutions, and the financial services of Algérie Poste (AP), the event was held in the presence of several government members to explain, exchange views, and debate its provisions aimed at further strengthening the transparency of transactions and various financial procedures.
The meeting took place in the presence of the Minister of Finance, Abdelkrim Bouzred; the Minister of Foreign Trade and Export Promotion, Kamel Rezig; the Minister of Internal Trade and National Market Regulation, Amel Abdellatif; the Minister of Post and Telecommunications, Sid Ali Zerrouki; as well as the Governor of the BA, Mohammed Lamine Lebbou.
In his address, the Governor of the BA emphasized that this study day takes place in a context marked by rapid developments in the national financial and banking sector, such as digital transformation and the development of payment methods and financial services. This is in addition to the need to intensify control and compliance systems, and to facilitate, protect, and integrate the financial transactions of individuals and businesses into the formal financial system, in order to strengthen financial inclusion and attract the money supply circulating outside the banking sector.
He added that the "Know Your Customer" (KYC) principle is not a simple administrative measure for collecting data and documents, but rather represents an integrated risk management system. It is based on a precise understanding of the nature of the customer, the origin of their funds, and their transactional habits, thereby making it possible to effectively assess the risks linked to the banking relationship while strengthening transaction security.
Mr. Lebbou affirmed that these procedures do not cause any hindrance to the customers of the institutions concerned, noting that these measures are part of the process of strengthening transparency, facilitating financial services, and improving the quality and efficiency of various banking offers.
This study day provided an opportunity for the Director General of Credit and Banking Regulation, Abdelhamid Bouloudnine, to explain Instruction No. 04-2026. It also served as a space for exchanging views and examining several concerns and questions relating to the financial and banking sector.
Mr. Bouloudnine indicated that the KYC procedure constitutes neither a constraint imposed on economic operators nor a simple compliance with regulatory requirements or formal control measures, but rather "a fundamental contract of trust, upon which the modern financial system rests."
It constitutes, he said, "a collective investment with a strategic dimension, whose positive repercussions extend to all parties concerned, from the customer to the financial institution, all the way to strengthening the solidity of the financial system and supporting the stability of the national economy as a whole."
