HIBAPRESS
The Exchange Office issued a circular regarding new facilities granted to currency exchange agents to carry out currency exchange operations using international bank cards.
A statement from the Exchange Office stated that this circular aims to strengthen the technical and operational system for currency exchange, and supports the transition towards modern and secure payment methods in line with the rapid development of the financial services sector. In this context, the same source adds, currency exchange agents accredited by the Exchange Office are now authorized to use electronic payment devices (TPE) to carry out the purchase of foreign currencies using international bank cards in exchange for the dirham. They have also been enabled to issue payment cards loaded with dirhams for the benefit of customers when carrying out currency purchase transactions. These measures embody the Exchange Office's commitment to keep pace with the development of services within the national financial system, by encouraging the adoption of innovative payment solutions that comply with international standards. It also reflects the Exchange Office's keenness to strengthen compliance requirements, especially regarding combating money laundering and terrorist financing, in accordance with Financial Action Task Force (FATF) Recommendation 17, which emphasizes the need to resort to third parties that adopt the same due diligence rules, and ensure the tracking of transactions carried out for the benefit of customers. The statement pointed out that these facilities will contribute to strengthening the national compliance framework and developing a more transparent and integrated payment environment.
