The Banking Supervision Directorate at Bank Al-Maghrib has stepped up its oversight activities, resulting in penalties for 13 banks and finance companies for violating laws and regulations related to anti-money laundering, counter-terrorist financing, internal control procedures, governance, and customer relations.
The central bank imposed 16 penalties, including 12 disciplinary actions and four financial fines.
Nabil Badr, Assistant Director of Banking Supervision, said on the sidelines of the presentation of the annual report on banking supervision today at the headquarters of Bank Al-Maghrib in Casablanca, that the focus of oversight is corrective rather than punitive.
In addition to the above, the directorate also reviewed the classification and storage of non-performing debts, information and cyber risk management, financial reporting, account closure procedures, and anti-money laundering measures.
Bank Al-Maghrib reported a 45% increase in customer complaints to 1,459 last year, with insurance disputes and loan conditions being the primary issues.
The banking mediator also handled 4,189 complaints, a 14% increase.
The central bank is closely monitoring the recent embezzlement incident at the Moroccan Union of Banks (UMB) in Tetouan. An investigation is underway, and the Moroccan Company for the Management of Bank Deposit Guarantee Funds has intervened to protect customer funds, while a crisis cell has been established to address the situation.
To ensure stability, Bank Al-Maghrib has the authority to appoint an independent manager to oversee a bank in case of mismanagement, as demonstrated by the current situation at UMB.
The central bank emphasized its commitment to protecting customer interests through the Collective Deposit Insurance Fund.
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