Morocco Banks Step Up Anti-Money Laundering Efforts Amidst Global Scrutiny

Strengthening AML/TF Regulations

Bank Al Maghrib has made significant strides in implementing measures aimed at strengthening its anti-money laundering (AML) and counter-terrorism financing (TF) regulations. The bank has conducted a thorough review of its internal AML/TF rules to align them with the latest legal, regulatory, and technical provisions.

Enhancing Data Collection and Control Measures

• Streamlined data collection process for customer and transaction information requests from the Financial Information Processing Unit
• Maintained high level of safety while collecting data
• Bolstered control measures related to foreign payment orders in light of increased risk associated with such transactions
  • New financial penalties imposed by the United Nations Security Council
  • Frequent updates to official sanctions lists

Contributing to Morocco’s AML/TF Framework

Bank Al Maghrib has contributed to the development of Morocco’s legal, regulatory, and institutional framework for controlling dual-use products, ensuring compliance with international provisions. The bank has also actively participated in national committees responsible for implementing Financial Action Task Force (FATF) standards, leading to the reform of nearly all relevant texts governing financial and non-financial professionals.

Key Milestone: Adoption of Law No. 145-12

The culmination of these efforts was the adoption of Law No. 145-12, which redefined terrorism financing crime, marking a key milestone in Morocco’s AML/TF action plan agreed with FATF as part of its follow-up process.

Commitment to Enhancing AML/TF Capabilities

These developments demonstrate Bank Al Maghrib’s commitment to enhancing its AML/TF capabilities and contributing to Morocco’s efforts to combat money laundering and terrorism financing.