Morocco’s Capital Market authority warns financial firms over confidentiality breaches

Morocco’s Capital Market Authority (AMMC) has issued formal warnings to executives of several financial firms, including a company specializing in securitization, urging stricter enforcement of professional confidentiality protocols, Hespress has learned.

The alerts were part of directives mandating all affected companies—including subcontracted personnel under indirect employment contracts—to sign written commitments upholding information confidentiality and adhering to the market’s ethics charter.

According to reliable sources, the move follows a leak of sensitive information relating to communications between the AMMC and a financial services company. These communications involved feedback and procedural requirements ahead of a scheduled field audit, including instructions to facilitate inspectors’ work and provide all required documents upon request.

The company in question had employed numerous subcontracted workers for tasks such as administrative assistance and accounting. These individuals allegedly accessed highly sensitive data involving major institutional clients like the National Office of Electricity and Drinking Water (ONEE), OCP Group, CIH Bank, and Label’Vie Group.

The AMMC’s compliance unit issued 24 formal recommendations to the company’s point of contact, with plans for a field audit in the coming year. Ongoing coordination will continue to ensure full implementation of these recommendations.

Sources revealed that the company’s HR manager, working under a major banking group in Casablanca, hired temporary workers at wages below MAD 3,500 (about $350 USD/month), assigning them duties beyond their qualifications and failing to secure the IT systems used to process highly confidential financial data.

The AMMC has authority to conduct investigations and impose sanctions where regulatory violations or market misconduct are detected. Its procedures include reviewing documentation, analyzing operations, and, when necessary, conducting on-site inspections—all while observing due process and the rights of implicated parties.

According to Hespress sources, the AMMC’s inspectors are focusing their warnings on organizational, technical, and IT governance, compliance with professional ethics, and internal monitoring systems. There is also a heightened emphasis on anti-money laundering and counter-terrorism financing protocols.

Several companies have since committed to submitting action plans that align with AMMC’s supervisory expectations. The authority, acting in its role as market regulator, will closely monitor implementation to ensure full compliance with required standards.