The Currency Office modernizes currency exchange operations through bank cards.
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Unprecedented Facilities for Currency Exchange Operators
The Office of Foreign Exchange has issued a new circular introducing significant facilitation for authorized currency exchange operators. This update marks a major advance towards modernizing payment systems and strengthening the operational framework of currency exchange in Morocco.
Use of Electronic Payment Terminals for Currency Purchases
From now on, currency exchange operators are permitted to utilize Electronic Payment Terminals (EPTs) to conduct currency purchase transactions using international bank cards in exchange for dirhams. This measure aims to streamline transactions and provide a more secure experience.
Issuance of Payment Cards Preloaded with Dirhams
Additionally, exchange offices can now issue clients with payment cards preloaded with dirhams, to be used at the time of currency purchases. This practical solution aligns with the transition to a more digital payment ecosystem.
A Commitment to Compliant and Secure Services
These measures are part of the Office of Foreign Exchange’s commitment to promoting innovative payment solutions that comply with international standards. They also address the compliance requirements related to anti-money laundering and counter-terrorism financing (AML/CFT), in accordance with FATF Recommendation 17.
Enhanced Traceability and Vigilance
The Office emphasizes the importance of collaborating with third parties that apply the same vigilance rules, thereby ensuring complete traceability of operations carried out on behalf of clients. This approach contributes to enhancing the transparency and security of the national currency exchange system.
Towards a More Integrated Financial Ecosystem
With these new facilities, Morocco is taking another significant step towards a modern, integrated, and transparent payment environment, supporting the evolution of the national financial sector.
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