Moroccan authorities investigate money transfer irregularities amid anti-laundering efforts

Moroccan financial authorities have launched an inquiry into potential irregularities within two payment and money transfer institutions following suspicions of non-compliance in handling domestic transfers.

According to well-informed Hespress AR sources, the National Financial Intelligence Authority (ANIF) has raised concerns over employees at retail financial service points using their own national identification cards to process transactions on behalf of customers.

This practice has complicated efforts to trace and verify the identities of both senders and recipients of funds, raising red flags about potential money laundering and terrorism financing activities. The ANIF, which maintains updated watchlists of individuals under suspicion, has flagged these irregular transactions as problematic for financial oversight.

Investigations revealed that employees at commercial transfer points resorted to using their personal identification details when customers failed to provide their own, often citing reasons such as urgency or lack of ID at the time of the transaction.

Sources indicate that fierce competition among financial service points for commission earnings has led some employees to bypass essential risk management procedures mandated for banks, payment institutions, lending firms, and insurance companies. As a result, regulatory officials have launched in-depth inquiries to identify beneficiaries linked to these transactions.

Authorities have focused their scrutiny on transactions originating from major cities, including Casablanca, Marrakesh, and Rabat. They are closely examining sender and recipient identity documents, transaction values, transfer frequencies, and the professional backgrounds of those receiving funds.

The ANIF has ramped up monitoring efforts to ensure Morocco remains compliant with international financial regulations, particularly following its removal from the Financial Action Task Force (FATF) gray list. This heightened vigilance aligns with the country’s ongoing efforts to strengthen its global financial standing.

In a previous case, Moroccan financial regulators dismantled a money laundering network after detecting the smell of cannabis on cash deposits linked to drug trade activities, highlighting the role of meticulous oversight in combating illicit financial flows.

The banking sector has emerged as the primary source of money laundering and terrorism financing reports submitted to the ANIF, accounting for 34.4% of all suspicious activity declarations. Payment institutions, which include money transfer and digital payment services, followed closely with 29.7%.

In just one year, Moroccan authorities received 5,171 reports of suspected money laundering cases. Of these, 54 files were forwarded to public prosecutors in Rabat, Casablanca, Fez, and Marrakesh, as well as to the Attorney General at the Rabat Court of Appeals, all involving suspected money laundering, predicate offenses, or terrorism financing.

As Morocco strengthens its financial regulations, authorities remain committed to maintaining transparency and ensuring the integrity of the country’s financial system.