Morocco's Exchange Office Escalates Field Monitoring Against Violations and Cyber Threats

The Moroccan Exchange Office (Office des Changes) significantly ramped up its field monitoring and investigations in 2025, aligning with its five-year strategy (2025-2029) to implement "smart monitoring." This approach integrates artificial intelligence and addresses the growing threat of cyberattacks. The office aims for more risk-targeted oversight to optimize its resources.

During 2025, the office processed 2,521 "document monitoring" files, a 2% increase, with the value of monitored transactions jumping 35% to 72.3 billion dirhams. Field investigations surged by 38% to 500 cases. The office also resolved 133 dispute files, a 12% increase, and nearly tripled the number of judicial requests processed to 104. Coordination with customs and indirect tax authorities also saw a 4% rise.

Financially, the Exchange Office's revenues grew by 7% to 491.7 million dirhams, while overall expenses increased by 8% to 356.2 million dirhams. In terms of public interaction, the number of authorization requests received dropped by 9% to 15,555, and calls to the contact center plummeted by 40% to 12,002. However, the number of users registered on the "OC Connect" application continued to rise, increasing by 24.8% to 5,410.

The report highlights that the Exchange Office is progressively shifting its supervisory model towards a "smart, selective, and targeted" approach. This involves advanced digital tools, including AI and cross-referencing internal and external data, to proactively identify risks. The monitoring of documents revealed 172 files with foreign exchange regulation violations, primarily concerning the non-repatriation of export proceeds, illegal import-related transfers, undeclared foreign assets, and non-repatriation of foreign investment income. The majority of monitored entities were legal persons (79%), with banks and exchange bureaus accounting for 58% and other businesses for 21%.