The Insurance and Social Security Supervisory Authority (ACAPS) has mobilised insurers in the country to strengthen the effectiveness of their anti-money laundering and counter-terrorist financing mechanisms.
The move was made ahead of the 2026 international evaluation of the situation in Morocco by the Middle East and North Africa Financial Action Task Force (FATF).
ACAPS held a meeting on 3 February in Rabat with stakeholders in the insurance sector on the theme: "Mechanism for combating money laundering and terrorist financing (AML/CFT) in the insurance sector: Current situation and challenges of effectiveness".
As part of the awareness-raising actions carried out by ACAPS regarding AML/CFT, this meeting aimed to strengthen dialogue with professionals in the sector on issues related to the effectiveness of prevention and compliance mechanisms, the Authority said in a statement.
The meeting 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. Participants included representatives of the National Financial Intelligence Authority (ANRF), the National Commission responsible for the application of sanctions provided for by the resolutions of the United Nations Security Council relating to terrorism and the proliferation of weapons and their financing (CNASNU), as well as the Moroccan Office of Industrial and Commercial Property (OMPIC).
The meeting provided an opportunity to review the main developments recorded in recent years. The joint efforts of national authorities and the sectors concerned have enabled the Kingdom to fulfil the commitments made under the enhanced monitoring of the FATF, resulting in its removal from the grey list in February 2023.
For ACAPS, the challenge is to consolidate these gains, particularly in the insurance sector, which is exposed to specific risks related to due diligence, customer due diligence, and transaction monitoring.
The evaluation by the MENA FATF will emphasise the sustainability of the reforms undertaken and the effectiveness of the national AML/CFT framework, particularly within the insurance sector.