The Moroccan Authority for Insurance and Social Welfare Supervision (ACAPS) held, on Tuesday in Rabat, a meeting with stakeholders from the insurance sector under the theme: “Anti-Money Laundering and Counter-Terrorism Financing (AML/CFT) framework in the insurance sector: current situation and effectiveness challenges.”
Organized as part of ACAPS’ ongoing awareness-raising efforts in the field of AML/CFT, the meeting aimed to strengthen dialogue with industry professionals on issues related to the effectiveness of prevention and compliance mechanisms, the Authority said in a statement.
The event brought together the Moroccan Insurance Federation (FMA), the National Federation of Insurance Agents and Brokers in Morocco (FNACAM), as well as insurance and reinsurance companies. It also featured the active participation of the National Financial Intelligence Authority (ANRF), the National Commission in charge of implementing sanctions provided for by United Nations Security Council resolutions related to terrorism and the proliferation of weapons and their financing (CNASNU), and the Moroccan Office of Industrial and Commercial Property (OMPIC).
Held in a context marked by the continuous strengthening of the national AML/CFT framework, the meeting provided an opportunity to review key developments recorded in recent years. The joint efforts deployed by national authorities and supervised sectors enabled the Kingdom of Morocco to meet its commitments under the enhanced monitoring process of the Financial Action Task Force (FATF), leading to its removal from the FATF grey list in February 2023.
In this regard, ACAPS has continued to contribute, alongside other relevant authorities and institutions, to national efforts aimed at combating financial crime.
Discussions also focused on the outlook related to Morocco’s upcoming mutual evaluation scheduled for 2026 by the Financial Action Task Force for the Middle East and North Africa (MENAFATF), in line with the international timetable. This evaluation will place particular emphasis on the sustainability of the reforms undertaken and on the effectiveness of the national AML/CFT framework, including within the insurance sector.
The meeting highlighted several levers for strengthening the effectiveness of AML/CFT mechanisms in the insurance sector, including regulatory requirements applicable to operators, ongoing developments in the national framework, and modalities for operational coordination among relevant stakeholders. The main findings and recommendations stemming from ACAPS’ supervisory actions were also presented, along with feedback on compliance processes and the key challenges faced in the effective implementation of AML/CFT measures within the sector.
This meeting forms part of ACAPS’ roadmap aimed at enhancing the effectiveness of AML/CFT mechanisms in the insurance sector through closer monitoring of due diligence obligations, support to stakeholders, and strengthened coordination with all relevant parties.
