Société Générale is one of the major Banks in Morocco, has been operating in Morocco for more than a century and is resolutely committed to a long-term and sustainable development strategy, conducted to serve the national economy, to contribute to the country’s growth and to support the dynamics of bank penetration.

Banks and other financial institutions are required to report suspicions of money laundering and terrorist financing to the Unité de Traitement du Renseignement Financier (UTRF) or a similar body, depending on the jurisdiction in which they operate. The UTRF Net tool enables these declarations to be made. The aim of the project was to identify suspicious transactions and report them automatically.

Increasing complexity of regulations, evolving methods used by criminals to launder money or finance terrorism, and the need to maintain a balance between compliance and the provision of banking services

Use of transaction monitoring software: Use of transaction monitoring software that uses advanced algorithms to analyze customer activity and automatically detect suspicious transactions. These systems generate alerts for potentially illicit activities.

Set alert thresholds: Define alert thresholds for unusual transactions. For example, if a transaction exceeds a certain amount or has unusual characteristics, it may trigger an alert for further evaluation.

Staff training: Key user training to make employees aware of potential AML/CFT red flags. Employees need to know how to recognize suspicious transactions and the procedures for reporting such activity.

Use of watch lists: Use of watch lists provided by regulators or international organizations to identify individuals and entities associated with terrorism or financial crime.

Case management systems: Implementation of case management systems, enabling investigations into suspicious activity to be tracked and documented in a structured way. This facilitates collaboration and information management.