The Italian central bank has decided to restrict Attijariwafa Bank's branch activities in the country after finding some irregularities in terms of transparency. From now on, the Moroccan company prohibits the placing on the market of new products and services, distributing products and payment services already available from the parent company and the different subsidiaries of the group or creating new subsidiaries, according to the Italian City Wire information website.
The subsidiary of Attijariwafa Bank must also "pay back to the rights holders the amounts unduly owed". According to the same source, this decision was taken in accordance with Articles 79 and 128-bis of the Bank Act, in view of the non-compliance with the law. It was taken after inspections conducted from April 29 to June 19.
However, a note released on August 9 states that these measures do not affect "existing customer relationships," but force the branch to adopt measures "to remove all irregularities quickly and fully." For its part, the Moroccan banking institution has not yet publicly responded to this decision.