ACAPS is in charge of ensuring that the bodies subject to its supervision comply with the corresponding provisions of the Law relating to combating money laundering.
The Supervisory Authority of Insurance and Social Welfare (ACAPS) places the fight against money laundering and the financing of terrorism among its priorities and works to prevent the use of insurance companies and intermediaries in any financial crime related to money laundering or terrorism financing
The Authority's objective is to participate in safeguarding the solid reputation of the Moroccan insurance sector and financial sector in general as a well-regulated sector aiming to become a financial hub at the regional and international level.
This mission to ensure compliance with the AML / CFT provisions and to assist the sector in the implementation of an effective system , is a legal mission conferred to the Authority under Law 64.12 related to its creation and Law 43.05 related to the fight against money laundering.
To do this, the Authority sets up circulars, draws up explanatory guides, sets up a consultation mechanism with professionals in the sector, organizes training sessions, carries out on-site and off-site controls, and participate, through a national coordination framework, to improve the legal, regulatory and practical aspects related to AML / CFT.
In order to carry out this mission, the Authority has a dedicated unit whose main tasks consist of the:
- evaluation of the effectiveness of the systems put in place by insurance companies and intermediaries, through on-site and off-site controls, surveillance interviews and exchanges with operators;
- participation in regulatory developments related to AML / CFT;
- proposition of AML /CFT guidelines the AML / CFT;
- conducting coordination actions with the Financial Intelligence Processing Unit (UTRF);
- Conducting coordination actions with national and foreign authorities.
The national law in force in the fight against money laundering is law 43.05. This law sets out, financial crimes relied to money laundering, the legal requirements of those subject to the said law, the role of the UTRF and the supervisory authorities…etc.
On 12th december 2019, the Authority’s circular on due diligence and internal control requirements for insurance and reinsurance companies and insurance intermediaries was published in the official bulletin.
This circular is based on the provisions of Law 43.05 and international standards in this area. It provides many specific definitions relied to AML / CFT and specifies the regulatory requirements for insurance companies and intermediaries, which are based on the:
- Vigilance and internal control system;
- Risk-based approach;
- Process of vigilance vis-à-vis customers;
- Monitoring of operations;
- Reporting of suspicions transactions to the UTRF and reporting to the Authority.
As part of the support of the sector, ACAPS is committed to publishing a series of practical guidelines on various topics related to AML / CFT.
Guide N ° 1 relating to the Client Due Diligence (CDD):
This guideline is the first of a series of guidelines that the Authority is putting in place to explain and illustrate legal and regulatory requirements related to AML / CFT. Responding to an insurance sector need, this guideline focuses on the client due diligence, using a risk-based approach. This requirement is the main step in an effective AML / CFT system. The guide presents, in a practical way, the steps to follow and reflexes to adopt before entering into a business relationships with clients, and during this relationship, according to a risk-based approach.
Through this guide, the Authority aims to strengthen a KYC "Know Your Client" culture in the Moroccan insurance sector, according to the best international standards.
The Financial Intelligence Processing Unit (UTRF) is the Moroccan unit for combating money laundering and the financing of terrorism (AML / CFT). It is an administrative financial intelligence unit (FIU) attached to the Head of Government.
The Unit is responsible for coordinating the action of national authorities in the fight against money laundering, terrorist financing and clandestine financial networks. Its main mission is to help protect the economy and ensure the integrity of the national financial system.
It has several powers, including collecting, processing and requesting information relating to acts suspected of being linked to money laundering or the financing of terrorism and deciding to follow up on those cases.
On June 12, 2019, the Authority and the Unit signed a memorandum of understanding and cooperation covering several aspects of practical cooperation between the two institutions.
The prevention of money laundering and the financing of terrorism is based on international standards.
In this regard, an important role is played by the Financial Action Task Force (FATF), an intergovernmental body that aims to prevent money laundering and terrorist financing at the international level and to set standards and best practices in this field.
Morocco is a member of the MENAFATF, a regional group of the FATF for the Middle East and North Africa region. In this context, Morocco is engaged in a full implementation of all AML / CFT requirements.