The Certified Anti-Money Laundering Professional program is a very cost-effective AML certification in Algeria. It is designed to address the ongoing compliance challenges in the country.
Algeria is one of the countries which faced unrest over the corruption of its President. In the year 2019, Abdelaziz Bouteflika was forced to resign from his post as President. Later his secret daughter was arrested along with two other Ex-Prime Ministers of the country. The most important barrier to maintaining an effective operating international financial system is money laundering.
Money laundering is a financial crime that involves complex series of transactions and financial institutions across any foreign jurisdiction. Money Laundering is intensely difficult to investigate and prosecute. Banks face a lot of AML obligations, so they do identification of customers by doing the adverse media screening that consists of searching for information in the public domain. Compliance, AML requires identity checks against the money launderers, terrorists, etc.
Money laundering and terrorism finance are the two wrongdoing that perpetually threatens the global financial market. Criminals try to disguise the origins of money by doing illegal activities. Algeria’s formal financial systems have now become minimal due to the strict regulations and a banking sector denominated by the state-owned bank. Algerian government monitors the banking system closely.
This situation triggers the need for AML Certification in Algeria. Certifications are helpful for the rest of the world to assess the quality of understanding of the aspirants looking for the jobs in AML domain.
Criminal Activities in Algeria
Criminal activities in Algeria include trafficking, particularly having bulk cash, drugs, cigarettes, etc. Terrorism financing and public corruption are serious money laundering challenges in Algeria.
Certified Anti Money Laundering Professional is the AML Certification in Algeria which accepts the payments in local currency.
Smuggling flourishes as a penetrable border allows it. The country is making progress to combat money laundering. The government of Algeria has updated the criminal laws on terrorist financing and has issued new guidelines to the Bank of Algeria and the Ministry of Finance’s Financial Intelligence processing unit (CTRF), Algeria’s FIU. Therefore, Algeria is no longer subject to the FATF’s monitoring process.
Algerian Islamist has also contributed to the Algerian Terrorism financing that is taking place in the country. The emergence of “Boko Haram” is regarded as the designated terrorist organization. It has now developed into one of the deadliest terrorist groups that are in operation globally. Boko Haram is regarded as one of the strongest terrorist financing organizations in Algeria. Thus, to combat terrorist financing the person should know the measures, and procedures of money laundering.
What is the status of FATF Evaluation
Algeria is no longer under the list of FATF that are recognized as having the strategic AML deficiencies.
What is Financial Action Task Force
The Financial Action Task Force is regarded as the global money laundering and terrorist financing watchdog. This body is developed to set up the standards with the aim to combat the illegal activities that are taking place in the country. FATF promotes bringing up the national legislative and regulatory reforms in these prone areas.
Countries on the grey list do not suffer as severe repercussions as those on the Black List. Countries turning a blind eye toward the spread of blatant money laundering and terror funding are placed on the black list. The FATF has likely observed the beginnings of such activities in grey-listed countries. Placing a country on the grey list serves as a sort of warning for them. If they do not take any action against the spread of such activities, the FATF will most likely move them to the Black List. The black list was formerly known as the “Call for action” list and the Grey List “Other monitored jurisdictions.
Overview of the Economy
The Algerian Economy is mainly guided by the different types of hydrocarbons and public investments. The country’s economy is dominated by the vast exports of petroleum and natural gas. Till 1962, the Algerian economy was mostly based on agriculture. But after that, the extraction as well as the production of hydrocarbons has been regarded as the most vital activity. It’s associated with the rapid industrialization.
AML in Algeria connected to the financial system is of very low cost due to the demanding exchange regulations and the banking sector that receives commands from the state-owned banks. Most money laundering activities take place outside the formal financial system and are done through tax evasion, abuse of real estate transactions etc. The country is making advancements in combatting money laundering and financial crimes.
The long-term economic challenges comprise transforming the economy away from its hydrocarbon exports, also attracting foreign investment.
How big is AML Challenge
Nowdays Money Laundering is regarded as an important crime. Moreover, the fight against combatting illegal activities remains a current and global team. Money laundering is a simple concept to understand.
Under the financial system, the money laundering challenge in Algeria is regarded as immaterial due to the binding regulations put up by the banking sector. Algerian authority was keeping an eye on the banking system. It keeps checks on the money transfers that take place across the country.
Are there any regulatory actions taken or any sanctions imposed
There are no sanctions imposed currently on the country. The Arab League is constituted of 22 member countries. This country is included in the member countries. They have imposed sanctions on Syria. It includes: –
- Totally cut of the transactions with the Syrian Bank
- A bar on Syrian senior officials to travel in different Arab Countries
- Stopping funding on the different projects that are working in Syria
Certified Anti-Money Laundering Professional
As a part of an ongoing effort to enhance Anti-Money Laundering, financial crime, and compliance globally, Regtech Times Academy launched its AML certification in Algeria for professionals looking to take up their careers in this domain. The Certified Anti-Money Laundering Professional program establishes a new global standard for AML, compliance professionals. This course was initiated to address the provisions of the Prevention of Money Laundering Act. This program would be an interesting experience for AML, compliance professionals.
The aim of launching this course is to put forth the importance of AML, compliance domain while conducting regular business, as well as it would have a lot of impact on the entire society. It is designed to provide the aspirants with a keen knowledge of AML and the compliance domain. CAMP – The AML Certification in Algeria, would introduce one with the basic elements related to the AML domain. This program is tailored to fit the needs of AML and compliance professionals.
Is this course right for the aspirants?
This AML Certification in Algeria is a video learning course. It is available to every aspirant from Algeria who is keen to take up the Global AML Certification. It is easy to understand the subject as well as the concept in detail. This program would provide the aspirants with AML-related knowledge and would also develop an interest in the field. By doing this course one can become a knowledgeable professional in the AML industry.
Syllabus of CAMP
This program is designed by the team of Riskpro Learning and is offered by Regtechtimes Academy. Following is the syllabus of the Certified Anti-Money Laundering Professional Program:
- International case studies on various banks
- Diving deep into Politically Exposed Person
- Overview of International Laws
- AML/ CFT regulations laid down by FATF
The detailed syllabus is provided in the course brochure. After completion of the program, the professionals would get a thorough understanding of the terms related to AML, the compliance domain.
Eligibility Criteria
This program is applicable to anyone who is interested in understanding the different types of AML, and compliance concepts. It is also applicable to the aspirants who want to choose AML, compliance domain.
Prep AML Certification in Algeria
In addition to the Certified AML Professional program, Regtechtimes Academy also offers the ACAMS Prep Course for the aspirants looking to take up the CAMS certification from ACAMS, USA. This course is a set of 6 simulated exams which would help the Algerian aspirants to pass their CAMS exams successfully. We offer a very cost-effective model for the CAMS Prep course and accept the payments in local currency.
