Morocco Tightens Anti-Money Laundering Rules for Currency Exchange Offices

Specifically, it is an update of circular no. 2/2019 of November 1, 2019, in which the Office has required exchange offices to transmit declarations of suspicion without delay. These companies are also required to communicate all necessary documents and information to the competent authorities to carry out their missions.

The publication of this circular comes in the context of the continuation by the Office of the implementation of the actions outlined in its roadmap for the 2021-2022 period and this, within the framework of the efforts deployed by the Kingdom for the compliance of the national system to combat money laundering and the financing of terrorism (AML-CFT) with international standards, in particular the standards of the Financial Action Task Force (FATF), the Office said in a statement.

According to the office, it is urgent that professionals in the manual exchange sector get involved in upgrading this sector, in particular through their commitment to the implementation of the internal vigilance system and the transmission of suspicious activity reports to the ANRF.

This will ensure the effectiveness of the AML-CFT system and the compliance of each obligated person with the legislative and regulatory requirements in this area, concludes the press release.