Reconciling Banking Secrecy and Anti–Money Laundering Obligations: A Legal Analysis of Algerian Banking Law
Keywords:
Banking secrecy, money laundering, Algerian legislation, financial institutions, confidentiality, and public interest.Abstract
This study investigates the legal obligations associated with banking secrecy and the challenges it encounters in the context of anti-money laundering efforts. It underscores the pivotal role of banks in identifying suspicious financial activities because of their integral position within the financial system. The research analyzes the conceptual framework of banking secrecy and its legislative underpinnings within Algerian law. Furthermore, it examines the legal exceptions that permit the lifting of banking secrecy for judicial, supervisory, and anti-money laundering (AML) purposes. The study emphasizes the necessity of balancing client confidentiality, public interest, and financial security. Finally, it proposes strengthening the legal framework to ensure effectiveness without compromising the trustworthiness of the banking system..
