Authorization of money transfer companies to deal in money-changing
Exchange Office can grant authorization to deal in money-changing to any entity authorized by Bank Al Maghrib (central Bank) for fund-transfer intermediation, in accordance with regulations governing this business.
The authorization can be granted by the Exchange Office on the basis of an application for authorization, comprising the following documents:
an anthropometric file and a certified copy of the identity card, or foreign resident card, of any desk staff
certified copies of documents issued by educational institutions, stating the educational level of staff working at the exchange bureau desk, given that a baccalaureate diploma is the minimum level required.
The fund transfer dealer authorized by the Office of Exchange must allocate a part of its premises to dealing in money exchange only, and acquire the following equipment:
a safe
a computer and/ or a cash register
a counterfeit banknote detector
telecommunication equipment
a banknote counting machine
an alarm device for the premises
an electronic board displaying exchange rates
The money transfer company authorized by the Exchange Office can also be authorized to deal in money-changing within its branches, on the basis of a business extension authorization issued according to the above-terms and conditions.
