Moroccan Bank’s Belgian Subsidiary Under Investigation, Operations Continue

The case dates back to October 6, 2020, when as part of an investigation ordered by an investigating judge, searches and hearings were carried out at the Belgian branch of Banque Chaabi du Maroc (BCDM), both at its headquarters and its agencies. On this occasion, seizures of equipment and documents were also carried out and employees were heard as witnesses, the Banque Populaire said.

While the investigation is ongoing, the bank’s activities have not been disrupted. "The four branches of the subsidiary continue to serve customers under normal conditions," the bank assured in a press release.

In the face of this situation, the management of Banque Chaabi du Maroc wants to make it known to the public that it has not yet had access to the elements of the investigation file. BCDM states that "The activities of Chaabi Bank in Belgium are known to the supervisory authorities and its employees work within a clear, transparent legal and operational framework, governed by strict procedures, in compliance with the law and good practices of the Belgian banking system."

To its customers, Banque Chaabi du Maroc has promised to communicate on this case as it obtains new information, while reassuring everyone of its credibility.