KYC System EN
1. What is the KYC system?
KYC ("Know Your Customer") is a statutory regulatory requirement and a critical security protocol whereby the Bank identifies and verifies the identity of its account holders.
This framework ensures a transparent commercial relationship, safeguards banking transactions, and protects customer assets against illicit activities, including fraud and identity theft.
2. How is this declaration submitted?
Data updates must be conducted in person at the specific Credit Populaire d'Algerie (CPA) branch where the customer’s account is domiciled.
Customers are required to present their updated supporting documentation to a customer relations officer, who will assist them in completing and executing the newly standardized regulatory KYC form.
3. What information and documentation are required?
The requisite documentation varies according to the legal status of the customer; however, the mandatory baseline framework includes:
- For Natural Persons (Individual Customers)
- A valid, government-issued photo identification document (National Identity Card, Passport, or Driver's License).
- A valid proof of address (Residence Certificate, Utility Bill for water or electricity).
- For Legal Entities (Corporate / Moral Persons)
- A copy of the Articles of Association (Charter/Bylaws).
- A copy of the Commercial Register extract.
- Official documentation confirming registration and regulatory authorization (where applicable to regulated activities), establishing the trade name, legal form, ownership structure (shareholders/partners), executive management, Ultimate Beneficial Owners (UBOs), and legal representatives.
- Official proof of registered address (Lease Agreement, Property Title Deed, or Concession Deed).
- Tax Identification Number (NIF) and Statistical Identification Number (NIS) certificates.
4. Why is this procedure mandatory?
This procedure is fundamental to maintaining the financial integrity and institutional security of both the Bank and its clientele. It forms an integral part of CPA's continuous compliance with regulatory due diligence standards, ensuring the maintenance of accurate financial databases to mitigate the risk of account misuse for unlawful purposes.
5. Is there a definitive deadline for completion?
Yes. The data remediation initiative takes immediate effect upon the issuance of the official press release. Customers are urged to report to their branch of domicile as expeditiously as possible.
6. Is compliance strictly mandatory?
Yes, compliance is an imperative legal requirement. This protocol strictly enforces the mandatory provisions of Bank of Algeria Instruction No. 04-2026 governing KYC (Know Your Customer) procedures. Banking institutions are legally obligated to refuse new transactions or terminate the business relationship if KYC documentation remains incomplete, inaccurate, or non-updated.
7. What are the regulatory implications for non-compliance?
In the event of non-compliance or failure to update customer data within the prescribed timelines, the Bank is required by prevailing banking regulations to restrict access to financial services. Penalties may include the temporary suspension or freeze of account operations (deactivation of payment instruments and prohibition of cash withdrawals or fund transfers) pending complete regularization of the customer's dossier.
8. Are authorized signatories and power of attorney holders required to update their information?
Yes. Designated agents, proxies, and individuals acting under a Power of Attorney (POA) fall entirely within the purview of Customer Due Diligence mandates. The Bank is legally bound to identify and verify the identity of any natural person empowered to operate an account. Consequently, authorized agents must submit valid proof of identity and address, as well as complete the requisite sections of the KYC file.