Morocco Launches Probe into Currency Exchange Offices Across Major Cities

Sources cited by the newspaper Assabah indicate that the Office of Foreign Exchange has received information reporting potential infractions committed by some of these offices. The verifications focus on the compliance of their activities with the legislation in force.

The checks are being carried out in Nador, Fez, Marrakech, Agadir, Tangier, Casablanca and Meknes. They aim in particular to determine whether certain offices are carrying out unauthorized activities in addition to currency exchange.

The investigators are also examining currency exchange operations to detect any violations of the rules relating to the fight against money laundering and the financing of terrorism.

"Some tellers are carrying out other activities in parallel with their profession, while the law prohibits players in the sector from combining other occupations with that of currency exchange," certain sources have specified.

The Office of Foreign Exchange has set up a digital platform for real-time monitoring of transactions. Currency exchange offices are required to use it.

Several licenses have already been withdrawn from currency exchange offices for non-compliance with the regulations. The infractions observed include failure to declare transactions and non-compliance with identity verification procedures.

"Currency exchange operations carried out without respect for the rules, such as verifying the identity of persons carrying out currency exchange transactions between the dirham and foreign currencies, [...] which constitutes a violation of the regulations in force," added the same sources.

The investigations are continuing, with the examination of the registers of the offices concerned over a period of six months. The consequences of the observed infractions may include regularization, further investigation or legal proceedings.