Bank Al-Maghrib called on banking institutions to establish mechanisms to combat bribery by reinforcing procedures for identifying, analyzing, and evaluating any behavior described as corruption or breach of trust.
The Central Bank indicated in a directive that corruption includes soliciting or accepting offers, promises, donations, and the abuse of influence in belonging to a credit institution in order to obtain or attempt to obtain advantages.
Requirements approved by Bank Al-Maghrib require banks to adopt a zero-tolerance policy for all forms of bribery, and the need to have a strategy for managing bribery risks and to ensure the provision of necessary means to ensure the effectiveness of the anti-bribery mechanism, transparency, and communication.
Banks will have to include measures to combat bribery at the level of risky procedures and policies, especially in granting loans and deals, managing human resources, cash management procedures, and banking activities located abroad.
Credit institutions must organize continuous training for officials and collaborators most exposed to the risks of bribery, and raise awareness to the challenges and risks of bribery.
Institutions with a total proceeds exceeding 30 billion dirhams must engage in the external periodic certification process to protect their systems against bribery.
The provisions also indicated the need to include an internal control report, to be sent to Bank Al-Maghrib.
The document indicated that these new requirements enter into force 12 months after the date of their signing on May 19.
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