Kiosk360. Bank Al-Maghrib has just adopted a directive for the prevention and management, by credit institutions, of corruption risks. This article is a press review taken from the daily newspaperAujourd’hui le Maroc.
A directive for the prevention and management of corruption risks by credit institutions has just been adopted by Bank Al-Maghrib (BAM), reports Morocco today in its June 8 issue. Thus, following the said directive, credit institutions and similar organizations will be required to set up an anti-corruption system at the level of their national and foreign establishments.
The system deployed will be adapted to the risk profile, to the size, nature, volume and complexity of the institution’s activities, to its systemic importance and to the context of the countries in which the institutions are located. BAM has also defined a risk map taking into account the sector of activity, its ecosystem (suppliers, subcontractors), but also standards and studies from national and international bodies relating to corruption or the nature of operations, products, services and distribution channels.
Each establishment will also have to put in place enhanced vigilance measures vis-à-vis customers or third parties who present a high risk of corruption, explains the daily.
According to article 21 of the said directive, the institution includes, in the internal control report that it is required to send to Bank Al-Maghrib, a chapter devoted to the anti-corruption system that it has put in place. and the activities and results of the checks carried out in this area. The newspaper specifies that Bank Al-Maghrib must be promptly notified by the competent authorities of any act of corruption and the measures taken.
