Bank Al-Maghrib - Circular No. 2/G/2012 - On the Due Diligence of Credit Institutions


The Bank Al-Maghrib's Circular No. 2/G/2012 repeals Circular No. 41/G/2007 On the Due Diligence of Credit Institutions, and sets forth revised provisions relating to the due diligence obligations of credit institutions. Credit institutions are required to put in place the necessary policies and procedures to determine and verify the identity of their clients and the beneficial owners and to have a thorough knowledge of them; monitor client operations, particularly those with a high degree of risk; maintain and update the documentation relating to the customer and the transactions carried out. The circular is divided into several documents, and covers the following topics:

1. Internal Monitoring Mechanism
2. Customer Identification
3. Monitoring and Surveillance of Customer Operations
4. Cross-border Banking Relationships
5. Conservation of Records

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Wednesday, April 18, 2012
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Bank Al-Maghrib
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