Modalities and conditions of setting up an exchange bureau
Any legal entity under Moroccan law, wishing to set up an exchange bureau, and thus deal only in buying and selling of foreign banknotes, must be authorized by the Exchange Office. The Exchange Office issues an agreement in principle to deal in foreign money-changing, on the basis of an application for authorization comprising the following documents:
Certified copy of the business tax registration certificate;
Certificate of registration on the Company Register specifying that money exchange is the sole business interest of the applicant;
Documents certifying that the registered capital is fully subscribed and paid up in cash. The minimum capital is MAD 500.000 for companies with capital held by natural persons, and MAD 1.000.000 for companies with at least one legal-entity shareholder.
Certificate issued by the office of the clerk of the competent court stating that the legal entities holding shares in applicant companies are not in receivership or liquidation.
Certified copy of the company’s statutes specifying that money-changing is its sole business interest.
The list of individuals running, administering and managing the company, and authorized to sign all company documents. This list must contain, for all individuals figured on it, last and first names, capacity, and identity card or foreign resident card number. It must also be signed and certified.
Anthropometric file for each person on the list.
Signed and certified statement of no criminal offence for each person on the list, for the following offences:
Breach of exchange regulations
Crime or offence punished under criminal law
Terrorist activity
Money laundering
Any breach of commercial law or loss of right in accordance with commercial law
Any afore-mentioned breach or crime committed abroad
Documents proving the availability of premises suitable for an exchange bureau (tenancy contract or property deed)
Certified copies of documents issued by educational institutions, stating the educational level of staff working at the exchange bureau front desk, given that a baccalaureate diploma is the minimum level required.
Exchange bureaus granted an agreement in principle have a period of three months from the issue date of the agreement, to equip their premises. Located on street-level and visible to the public, the exchange bureau must be equipped with:
a safe
a counterfeit banknote detector
telecommunication equipment
a banknote counting machine
an alarm device for the premises
an electronic board displaying exchange rates
a computer
The location of the premises must be easy to find, freely accessible to the public, and suitable for dealing in money-changing.
Once the premises are fully equipped, and on the applicant’s request, a Commission appointed by the Exchange Office will visit the exchange bureau to check that the premises and the equipment are in accordance with the above-prescriptions.
The final agreement is granted by the Exchange Office on the basis of the above-Commission’s positive conclusions, and if all conditions are fulfilled.
The exchange bureau must, within the first 24 hours of trading, inform the Office of Exchange by registered mail with an acknowledgement of receipt.
