Country Manuals Private Banking –
Dear Client,
We would like to inform you that BRP has updated its COUNTRY MANUAL PRIVATE BANKING for the following jurisdiction:
- ALGERIA OUT OF BANK’S COUNTRY OF ESTABLISHMENT (DEF, RS, BT & RT)
| SOURCE OF CHANGES | ANSWERS |
|---|---|
| Law / Regulation | NO |
| New Position of the Authorities | NO |
| Evolution of Expert’s interpretation | NO |
Regulatory Template, Regulatory Summary and Behaviour Template
Material changes
The Country Manual has been reviewed to ensure that the content of all documents remains accurate and up-to-date. We can confirm that there have not been any relevant legal or regulatory changes in Algeria since the last update.
Note, however, that in April 2023 Algeria passed a new Law on Currency and Credit which will become the new monetary and banking law, replacing the current Ordinance on Money and Credit. The law has not been promulgated yet and is therefore not in force. To date, the provisions of Ordinance 03-11 on Money and Credit remain in force. In any case, no relevant changes for cross-border banking activities are foreseeable.
Non-material changes
The documents have been reformatted onto the latest template. Several comments have been slightly reworded (without introducing material changer) to provide more clarity and reflect the current regulatory situation more accurately.
Implications for business relations with third parties
Although the third parties’ section now contains more sub-sections, providing more clarity, and some comments have been reworded, there are no relevant material changes since the last update.
Regulatory Summary
This document has now a more user-friendly layout and reflects the changes contained in the RT.
BT Short Comparison
BRP has created a comparison document allowing users to quickly identify the modifications made compared to the previous version of the PB Manual (BT Short Comparison). The BT Short Comparison can be found on BRP’s platform (mybrponline) in the Search tab by entering in the Document Field “CM PB BT SHORT COMP” and “ALGERIA” in the Target Country Field.
The BT Short Comparison should be read as follows:
The first column contains a short description of the activity in question. The second column contains the answers of the previous version of the Country Manual (online until the day of the alert). The third column contains the new answers of the most recent version of the Country Manual. Only the modified answers are displayed (in color). If the answers in the new version are unchanged compared to the previous version, they are shaded in grey.
For more information, please contact us: info@brpsa.com
Best regards,