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Morocco’s Banking Regulations Compliance Framework: A Comprehensive Overview

In order to ensure a smooth and secure financial system, Morocco has put in place a robust legal and regulatory framework for banking regulations compliance. This framework is based on a combination of general and special texts that govern various aspects of cashless payments.

Core Regulations

At its core are two key laws:

Commercial Code (Law No 15/95): defines the legal regime of bank accounts, deposits, bills of exchange, and bank transfers.
Credit Institutions Law (Law No. 103-12): grants credit institutions the right to collect deposits, manage payment means, and offer associated services.

These laws provide the foundation for banking regulations in Morocco.

Circulars and Frameworks

The Bank Al-Maghrib, Morocco’s central bank, has issued a series of circulars that regulate certain aspects of systems and means of payment. These circulars cover topics such as:

Check certification
Centralized information dissemination on payment incidents
Standardized check forms

In addition to these regulations, Morocco has also put in place a conventional framework that includes multilateral agreements on payment system supervision and statutes for the Grouping of the Moroccan Interbank Remote Clearing System (GSIMT).

Compliance Guidelines

To ensure compliance with banking regulations, Bank Al-Maghrib has issued various guidelines, standards, and other texts. These include:

Minimum requirements for managing domestic switches
Authorization application files for electronic operations
And more

Conclusion

Overall, Morocco’s banking regulations compliance framework is designed to promote a secure and efficient financial system that supports economic growth and development.

By providing a robust legal and regulatory framework, Morocco has created an environment conducive to financial stability and innovation.