Morocco Tightens Money Laundering Controls on Currency Exchange Offices

A new strategy to counter money laundering. In circular 01/2021, the Foreign Exchange Office calls on foreign exchange bureaus to put in place a system of internal vigilance and monitoring adapted to the size of their activity and the risks related to this activity, reports La Vie éco. This system includes a series of procedures, including the identification and knowledge of clients and beneficial owners in accordance with the provisions of Article 12 of this circular and the updating and retention of documents relating to clients and the operations they carry out.

This system also includes the rules for filtering the data of regular customers, occasional customers and beneficial owners of transactions, against the lists of authorized international bodies and the decisions of the National Commission responsible for the application of the sanctions provided for by the resolutions of the United Nations Security Council relating to terrorism, the proliferation of weapons and their financing, the monitoring and surveillance of operations, the reporting of suspicious transactions to the National Financial Intelligence Authority (ANRF), as well as the awareness and training of the staff of the foreign exchange company.

Currency exchange companies already welcome this initiative. "The federation is unconditionally committed to ensuring that its members comply with the vigilance standards as defined in circular 01/2021 in order to contribute to enhancing the image of our country vis-à-vis international bodies," Abderrazzak Mahmoudi assured in an interview with MAP. He recalled that this circular was drawn up after the amendment of law 43.05, considered incomplete by international bodies.

What about its scope? "This circular brings new practices in form that are now respected, but not in substance, since it stipulates the good knowledge of clients and the detection of suspicious operations, things that foreign exchange companies in Morocco master perfectly and this, thanks to their expertise and know-how, especially since it is their only daily business," explained the official.