Financial Crime World

Payment Agents Must Have Dedicated Premises Equipped with Appropriate Security Measures

The Moroccan authorities have recently issued a new regulation requiring payment agents to have dedicated premises equipped with appropriate security measures in accordance with the requirements of the competent authorities.

Requirements for Payment Institutions and Their Agents

According to the regulation, payment institutions and their agents are required to ensure that their premises are:

  • Secure
  • Accessible to the public
  • Easy to navigate with clear signage and legible displays of information about services offered

Additionally, payment institutions must have an internal system in place for processing customer complaints efficiently and effectively. The regulation also requires institutions to adhere to a mediation system aimed at resolving disputes amicably between them and their customers.

Compliance with Regulatory Requirements

Payment institutions are required to comply with regulatory requirements, including:

  • Providing information about their operations to the public
    • Information must be provided in a clear and accessible format, both on paper and through posting on premises
  • Having sufficient technical and financial means to implement planned activities
    • This includes having staff with necessary skills and experience, as well as an appropriate organization for internal control

Increased Capital Requirements for Payment Institutions

The authorities have also increased the capital requirements for payment institutions, requiring them to have a paid-up capital or endowment of at least MAD 6 million. This is in addition to other conditions that may be applied by Bank Al-Maghrib when issuing an authorization for a payment institution.

Conclusion

In conclusion, payment agents must have dedicated premises equipped with appropriate security measures and comply with regulatory requirements. Payment institutions must also ensure they have sufficient technical and financial means to implement planned activities and meet the increased capital requirements. The Moroccan authorities are committed to ensuring that payment institutions operate in a secure and transparent manner.

About Laamrani Law Firm

Laamrani Law Firm is a leading law firm with offices in Casablanca, Paris, and Montreal. Our team of experienced lawyers provides legal services to clients across Morocco, France, and Canada. For more information about our services, please visit our website at www.laamrani-law.com.

Contact

  • Abdelatif Laamrani