PMA to Exchange Expertise with Bank of Algeria
A PMA delegation has concluded a visit to Bank of Algeria to promote the exchange of expertise in areas of mutual interest. The delegation conducted a series of meetings that focused on Credit Registry System, Bounced Checks System, field supervision, desk analysis, continuous workflow and anti-money laundering. The Algerian side on the other hand, shared its expertise in the field of banking supervision. The Palestinian delegation also met with Dr. Mohamed Laksaci, Governor of Bank of Algeria, who expressed his high regard for PMA human resources and technical capabilities.
During the visit, the delegation carried out an assessment of the systems of field-supervision and desk analysis implemented in Algeria and drafted thereafter recommendations for the development of field and desk based tools to secure compliance with relevant international standards. The delegation likewise proposed recommendations on procedures that ensure workflow continuity for Bank of Algeria and other banks operating in Algeria. Additionally, it carried out an assessment of the current legal, operational and technical environment for the purpose of the adopting a modern credit information system similar to that operated by PMA. The meeting included a presentation on the automated bounced checks system reviewing Palestinian expertise acquired in that field.
The Financial Follow-up Unit team visited the Field Supervision Department in Bank of Algeria and was acquainted with the organizational and legal environment of the Algerian anti-money laundering system. It presented its recommendations for the development of this system in accordance to international standards and conducted relevant training workshops for office and field auditors of Bank of Algeria.
Furthermore, the team met with the director of the Financial information Services Division in the Ministry of Finance to discuss modes of future cooperation and exchange. Likewise, an individual meeting was held with the Director of the Algerian Banking Institute. The discussion focused on the design and implementation of an accreditation program similar to the Palestine Anti-Money Laundering Accreditation (PAMLA) provided by the Financial Follow-up Unit, suitably adopted to the requirements of Algerian legal environment. It was also agreed to provide financial programming training to Palestinian Authority staff at the Algerian Banking Institute.
The visit came as part of the international south-south cooperation series, following the visit of PMA Governor to Algeria in September to promote the exchange of expertise at both international and regional levels, which is to reflect duly on the development of monitoring systems and the banking industry as a whole.