KYC Due Diligence Checklist in Morocco

If you’re a foreign investor, entrepreneur, or compliance officer, the very first step before doing business in Morocco is a solid KYC due diligence checklist. In Morocco, regulatory authorities, banks, and business partners require transparent proof of identity, legal status, and 

financial compliance. Skipping KYC is not an option—whether you’re opening a bank account, setting up a company, or entering into a joint venture. 

This guide provides a practical KYC due diligence checklist in Morocco, aligned with the latest AML (Anti-Money Laundering) and compliance regulations, so you can move forward with confidence. 

Why KYC Due Diligence Matters in Morocco 

• Mandatory for banking and finance: Moroccan banks (BMCE, Attijariwafa, BMCI, CIH, etc.) require strict KYC files before opening accounts. 
• Required by law: Law 43-05 (AML) and updated financial compliance frameworks oblige companies to verify clients and partners. 
• Risk management: Helps investors avoid fraud, reputational risks, and hidden liabilities. Cross-border credibility: Foreign partners and regulators will ask for Moroccan KYC compliance before approving major deals. 

The KYC Due Diligence Checklist in Morocco 

Here’s a practical and updated checklist that businesses and compliance professionals can use: 

1. Identity Verification 

• Copy of CIN (Carte Nationale) for Moroccan nationals. 
• Passport + valid visa/residence permit for foreigners. 
• Proof of legal representation (if acting on behalf of a company). 

2. Company Documents 

• Statutes (bylaws) and proof of registration at OMPIC.
• RC (Registre de Commerce) extract. 
• ICE number (Identifiant Commun de l’Entreprise). 
• Tax identification (IF) and CNSS registration if applicable. 

3. Financial Transparency 

• Recent bank statements (local or foreign). 
• Certified balance sheets or audited accounts. 
• Proof of source of funds (especially for capital injections). 

4. Compliance Checks 

• Screening against sanctions lists (UN, EU, OFAC). 
• Confirmation of beneficial ownership (UBO declaration). 
• Anti-corruption declarations if working with public tenders. 

5. Ongoing Monitoring 

• Annual KYC updates required by banks. 
• Review when there is a change in shareholding or management. 
• Continuous risk assessment in line with Morocco’s AML law updates (2023–2024 revisions). 

Best Practices for Foreign Companies 

• Prepare bilingual documents (Arabic/French). Many banks require certified translations. Use notarized and apostilled copies for foreign documents. 
• Work with a local compliance advisor to avoid rejections and delays.

FAQs 

1. Is KYC due diligence in Morocco only for banks? 

No. It applies to company incorporation, partnerships, M&A deals, real estate transactions, and even some government licensing. 

2. Do foreigners face stricter KYC requirements? 

Yes. Foreign shareholders and directors must provide legalized documents from their home country (passport, company registry extract, proof of address). 

3. How often must KYC be renewed? 

Banks and financial institutions request updated documents every 12–24 months, depending on the risk profile. 

Final Thoughts 

A KYC due diligence checklist in Morocco is not just paperwork—it’s a compliance shield. It protects you from regulatory penalties, builds trust with local banks, and ensures your business can operate smoothly.