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Bank of Italy restricts Morocco’s Attijariwafa Bank Europe’s activities

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Ignazio Visco Governor of the Banca d'Italia. / Ph. DR

The central bank of Italy, also known as Bankitalia, had decided to restrict the activities of Morocco’s Attijariwafa Bank in its country after discovering a number of irregularities in terms of transparency.

From now on, the Moroccan bank will be forbidden from introducing its products and services in the market. These restrictions cover both the parent company and its subsidiaries and new branches, according to Italian newspaper City Wire.

According to the same source, this decision was taken after the bank failed to comply with the law. It was also based on the findings of an investigation carried out from April 29 to June 19.

However, a note published on August 9 statee that these measures will not affect «existing relationships with current customers», but obliges the branch to adopt measures «to eliminate all irregularities quickly and fully».

For its part, the Moroccan banking institution has not yet publicly responded to this decision.

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