Morocco's Supervisory Authority of Insurance and Social Welfare reviews AML CFT expectations and supervisory findings with the insurance sector

Morocco's Supervisory Authority of Insurance and Social Welfare (ACAPS) convened insurance sector stakeholders in Rabat to discuss the current state of anti-money laundering and counter-terrorist financing (AML/CFT) measures in insurance and the challenges to making them effective. The meeting formed part of ACAPS’s awareness-raising work and aimed to deepen dialogue with the sector on strengthening AML/CFT effectiveness. Participants included the Moroccan Insurance Federation (FMA), the National Federation of Insurance Agents and Brokers in Morocco (FNACAM), and insurance and reinsurance companies, with input from the National Financial Intelligence Authority (ANRF), the National Commission responsible for applying United Nations Security Council sanctions (CNASNU), and the Moroccan Office for Industrial and Commercial Property (OMPIC). The session reviewed recent national AML/CFT developments, including Morocco’s removal from the Financial Action Task Force gray list in February 2023, and discussed preparations for the Middle East and North Africa Financial Action Task Force (MENAFATF) mutual evaluation scheduled for 2026 and the ongoing update of the national risk assessment. Discussion areas included requirements applicable to sector operators, changes in the national framework, coordination arrangements among relevant parties, and ACAPS’s supervisory conclusions and recommendations, alongside feedback on compliance efforts and implementation challenges. ACAPS framed the meeting as part of its roadmap to strengthen AML/CFT effectiveness in insurance through monitoring due diligence obligations, supporting stakeholders, and reinforcing coordination with industry participants.