The Moroccan Foreign Exchange Office has just published a new document of 35 articles which sets the conditions and methods that currency exchange companies must observe for the establishment of a vigilance and internal monitoring system. This measure is part of the ongoing fight against money laundering and the financing of terrorism.

As part of its efforts to fight against money laundering and the financing of terrorism (AML-CFT), Morocco now wants to comply with international standards, in particular the standards of the Financial Action Task Force (FATF). Thus, the Foreign Exchange Office indicates that the currency exchange company is required to collect and verify the information elements allowing the identification of customers and beneficial owners who wish to use its services.

The circular also specifies that "prior to entering into a business relationship, the currency exchange company must draw up an information sheet in the name of the client, in view of the data entered on the official identity documents issued by the authorized Moroccan authority or by a competent foreign authority. In addition, the currency exchange company is required to ensure the regular updating of documents, data and customer information according to the type of risks related to business relationships. Customers of currency exchange companies should be categorized according to the type of risk they represent.

The Foreign Exchange Office encourages currency exchange companies to keep for a period of ten years all documents relating to transactions carried out from the date of their completion. They must also keep, also for 10 years, all the documents obtained as part of the due diligence measures relating to regular and occasional customers and other beneficial owners, from the date of termination of the relationship.