Investigation launched into potential money laundering via electronic payment

Allegations of money laundering through Electronic Payment Terminals (EPTs) have emerged in Morocco, prompting an in-depth investigation by the National Financial Intelligence Authority (ANRF).

 These suspicions involve companies operating on the outskirts of Casablanca, raising concerns among regulators about potential illicit financial activities.

According to well-informed sources from Hespress, preliminary findings have uncovered massive financial transfers—often exceeding the 10,000 dirham threshold—via bank accounts linked to supermarkets and parapharmacies. 

These transactions, notably large considering the nature of the businesses involved, have fueled suspicions of money laundering, triggering a closer examination by the authorities.

Investigators are working to trace the bank cards used and identify the business owners involved, focusing on their transactions with Bank Al-Maghrib-accredited electronic payment service providers.

 Their scrutiny has revealed unusual patterns, including payments processed at odd hours, far outside normal business hours. 

This anomaly is particularly striking given that the businesses in question are located on the periphery of Morocco’s economic capital.

Further complicating the investigation is the possibility that the operations are being coordinated by young individuals, under the age of 22, who are opening new accounts that lack chequebooks and ICE numbers. 

These accounts are seeing deposits of around 3,000 dirhams, followed by rapid withdrawals, which suggests a highly organized system exploiting weaknesses in the electronic payment infrastructure.

As the investigation continues, authorities are working to establish potential connections between the parties involved and assess the full scale of these financial irregularities.

In a related development, major players in the electronic payments sector have recently moved to lower their transaction fees.

 This change follows a directive from Bank Al-Maghrib, which has capped card payment commissions at 0.65% in an effort to curb the rising use of cash transactions.

 The initiative primarily targets merchants using electronic payment terminals, online services, and the Tap to Mobile feature, allowing them to reduce operational costs and improve market competitiveness.

The central bank has reiterated existing regulations, including a complete ban on passing commission fees to consumers and the requirement for merchants to set minimum transaction amounts of 50 or 100 dirhams for card payments.