As part of the communication and awareness sessions initiated by the Financial Intelligence Processing Unit (CTRF) for the regulatory, control and/or supervisory authorities provided for by Law No. 23-01 of February 7, 2023 amending and supplementing Law No. 05-01 of February 6, 2005 relating to the prevention and fight against money laundering and the financing of terrorism. A working session was held, Monday January 15, 2024, at ten a.m. (10 a.m.) at the CTRF headquarters, between representatives of the unit and representatives of the Insurance Supervision Commission (CSA), in the aim of examining the measures that need to be taken, in order to fill the gaps noted in the mutual evaluation report of Algeria published by the Financial Action Task Force for the Middle East and North Africa in May 2023, particularly with regard to the insurance sector.

During this session, numerous points were discussed, such as: the control missions carried out by the Insurance Department over insurance companies on behalf of the CSA, suspicious transaction reports from insurance companies, the national assessment of risks linked to money laundering and the financing of terrorism, and indicators relating to the prevention and fight against money laundering, the financing of terrorism and the financing of the proliferation of weapons of destruction massive, the vigilance measures to be taken by the insurance supervision commission in the field of prevention against money laundering, financing of terrorism and financing of the proliferation of weapons of mass destruction, targeted financial sanctions.

As well as the provisions of Executive Decree No. 23-430 of November 29, 2023 setting the conditions and modalities for the exercise by regulatory, control and/or surveillance authorities of their missions in the field of prevention and fight against money laundering, the financing of terrorism and the financing of the proliferation of weapons of mass destruction, with regard to those subject to it.

The working session resulted in the following results:

- Coordination between the CSA and the CTRF in the development of regulations, programs and instructions relating to the prevention and fight against money laundering, the financing of terrorism and the financing of the proliferation of weapons of mass destruction in the insurance sector;

- The need to organize forums and training in the field of prevention and combating money laundering, the financing of terrorism and the financing of weapons of mass destruction for the benefit of the insurance supervision commission and insurance companies, in the presence of experts from the financial intelligence processing unit.

- The need to establish an internal control system responsible for preventing and combating money laundering, the financing of terrorism and the financing of the proliferation of weapons of mass destruction;

- The appointment by those subject to the insurance sector of a correspondent to the CTRF responsible for filing suspicious transaction reports.