Morocco’s Financial Regulations and Laws: A Comprehensive Look at the Legal and Conventional Framework for Payment Systems
Morocco’s financial regulations and laws provide a robust foundation for the country’s payment systems, encompassing both cashless and traditional transactions. This intricate web of legal and conventional frameworks is anchored in fundamental legal concepts like liability, civil law, contracts (deposits and mandates), and is outlined below.
Legal Framework for Cashless Transactions
At the core of cashless transactions lies the bank account. Morocco’s commercial code (Law No 15/95) governs this crucial aspect. Issued on August 1, 1996, through Dahir No 1-96-83, this law outlines the legal regime covering:
- Sight accounts
- Deposit of funds
- Bills of exchange
- Bank transfers
- Bank cards
This legislation confers upon credit institutions the rights to collect deposits, provide payment means, and manage them. The passage of Law No. 103-12 in 1993 established “payment institutions”, enabling them to hold payment accounts and offer associated services.
Circulars Issued by the Central Bank of Morocco
To address specific aspects of payment systems, the Central Bank of Morocco (Bank Al-Maghrib) has issued various circulars:
- Circular No. 5/G/97: Certificate of Refusal to Pay a Check
- Circular No. 6/G/97: Centralization and dissemination of information on payment incidents and bans on issuing checks
- Circular No. 12/G/06: Standardizing the check form …
- Circular No. 11/G/13: Information to be communicated by banking institutions to Bank Al-Maghrib’s unpaid bill of exchange unit
Conventions and Agreements
Morocco’s financial regulations have been bolstered by several conventions, including the multilateral agreement on Payment System Supervision signed in January 2009. Furthermore, there are statutes and regulations for the Moroccan Interbank Remote Clearing System (GSIMT), interbank agreements for:
- The physical non-exchange of checks
- The exchange of interbank direct debits
- Central settlement accounts agreements
Minimum Requirements for Managing a Domestic Switch
Additional guidelines such as minimum requirements for managing a Domestic Switch and the authorization application file for the exercise of routing, clearing, and settlement of electronic operations provide further support to the existing framework.
Key Takeaways
- Morocco’s financial regulations and laws form a comprehensive framework for payment systems, covering both cashless and traditional transactions.
- The legal foundation is anchored in fundamental legal concepts like liability, civil law, contracts, and deposits/mandates.
- Law No. 15/95 covers various aspects of cashless transactions and grants credit institutions rights to manage payment means.
- Bank Al-Maghrib has issued several circulars addressing specific aspects of payment systems.
- Morocco’s financial regulations have been bolstered by several conventions, statutes, and interbank agreements.
- Additional guidelines ensure the smooth functioning of domestic switches and electronic operations.