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 National Financial Intelligence Authority (ANRF);
- Conducting coordination actions with national and foreign authorities.
The national law in effect regarding the fight against money laundering is Law 43.05 as amended and completed. This law presents, among other things, the offence of money laundering and its underlying offences, the legal requirements applicable to those subject to the said law, the role of the National Financial Intelligence Authority (ANRF) and the supervisory authorities, the legal framework for the application of targeted financial sanctions and the role played by the National Commission in charge of the application of the sanctions provided for by the United Nations Security Council resolutions relating to terrorism, arms proliferation and their financing.
On May 26, 2022, the ACAPS Acting President's Circular No. AS/03/21 amending and supplementing Circular No. AS/02/19 of September 25, 2019 on due diligence and internal monitoring obligations of insurance and reinsurance companies and insurance and reinsurance intermediaries was published in the Official Bulletin.
This circular aims to align with the amendments made by Law 12.18 amending and supplementing Law 43.05 on the fight against money laundering and to complete the concordance with the FATF standards.
This circular also aims to answer practical expectations of the insurance sector and has been the subject of a consultation with the sector and national partners (ANRF, financial sector regulators).
It should be noted that this circular introduced the terms relating to the National Commission in charge of the application of the sanctions provided for by the United Nations Security Council resolutions relating to terrorism, arms distribution and their financing. This commission, created by Law 12.18, becomes a major player in the national AML/CFT system.
Circular no AS/03/2021 (Consolidated version)
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 ANRF and reporting to the Authority.
As part of its support to the sector, ACAPS has committed to the publication of a series of practical guides and guidelines on various AML/CFT related topics.
AML/CFT Guide No. 1 Customer Due Diligence
AML/CFT Guide No. 2: Implementation of a risk-based approach to AML/CFT in life insurance
AML/CFT Guide No. 3 : Money laundering and terrorist financing typologies in the insurance sector
The National Financial Intelligence Authority (ANRF) is the national Financial Intelligence Unit (FIU) in charge of coordinating the actions of national authorities in the fight against money laundering, terrorist financing and the proliferation of weapons of mass destruction.
ANRF plays a major role in the national anti-money laundering and anti-terrorist financing (AML/CFT) system, and its main mission is to contribute to the protection of the transparency of the economy and the integrity of the national financial system.
Reporting to the Head of Government, the ANRF was created by virtue of Article 14 of Law 43-05 on the fight against money laundering, as amended and supplemented by Law 12-18, replacing the Financial Intelligence Processing Unit (UTRF).
The administrative and financial organization of the ANRF is governed by decree no 2.21.633 of August 30, 2021, taken in application of the aforementioned article 14, published in the official bulletin no 7026 of September 30, 2021.
The establishment of the ANRF responds, on the one hand, to an international requirement where the Financial Intelligence Units play an increasingly important role as a national financial information center and as a national AML/CFT coordinator, and aims, on the other hand, to ensure the compliance of the national AML/CFT system with international standards in this area, in particular FATF Recommendation 29.
FSNA's Board is made up of all the law enforcement, supervisory and control authorities involved in the fight against money laundering and terrorist financing, including the Insurance and Social Security Control Authority (ACAPS)
UNSCOM is the national structure in charge of applying the sanctions set out by the United Nations Security Council Resolutions on terrorism, arms proliferation and their financing.
It was created by virtue of Article 32 of Law n°43-05 relating to the fight against money laundering, as amended and completed in particular by Law 12-18 promulgated by Dahir no 1-21-56 of 27 Chaoual 1442 (June 8, 2021).
Its composition and mode of operation are set by Decree n°2-21-484 published on August 3, 2021 (23 Hijja 1442), amended and completed by Decree n°2.22.27 of March 4, 2022.
The creation of the UNSCOM comes within the framework of Morocco's compliance with the fundamental and strategic commitments stipulated by the international norms in force, requiring States to have effective procedures and mechanisms for the implementation of the Resolutions issued by the UN Security Council and the execution of the related sanctions, in particular those related to terrorism, the proliferation of weapons of mass destruction and their financing.
UNSCOM is chaired by the Ministry of Justice and is composed of 17 member institutions, including FSNA, supervisory and control authorities, law enforcement authorities, and security departments.
The prevention of money laundering and terrorist financing is based on international standards.
In this respect, an important role is played by the Financial Action Task Force (FATF), an intergovernmental body that aims at preventing money laundering and terrorist financing at the international level and at setting standards and best practices in this area.
Morocco is a member of the regional group of the Middle East and North Africa region, emanating from the FATF (GAFIMOAN). In this context, it is committed to a full implementation of all AML/CFT requirements.