Circulaire AMMC n° 01/18 relative aux obligations de vigilance et de veille interne (telle que modifiée) + Guide LBC-FT de l'AMMC
Expect full UBO disclosure, PEP/sanctions screening and a 2-6 week onboarding before you can trade in Casablanca.
What a foreign investor actually experiences at onboarding. Every société de bourse, depositary bank and asset manager must run full Customer Due Diligence before opening a securities or online brokerage account: identification and verification of the client and its representatives; for funds, SPVs, trusts, family offices and complex chains - identification of the ULTIMATE BENEFICIAL OWNER (control test, 25% reference threshold); risk-based approach with client risk classification; ENHANCED DUE DILIGENCE for PEPs, for counterparties from FATF high-risk jurisdictions and for very-high-net-worth clients; mandatory screening against UN/CNASNU (and, in bank practice, OFAC/EU) sanctions lists; periodic KYC refresh; transaction monitoring; suspicious-transaction reporting to the ANRF. Practical consequence: a foreign fund should budget 2-6 weeks and a full corporate/UBO pack for account opening.