1) Without prejudice to other sanctions stated in any other laws in the State, and upon establishment of a violation by any Licensed Financial Institution or by any Authorized Individual of any of the provisions of this Decretal Law or the regulations, decisions, rules, standards or instructions issued by the Central Bank in implementation thereof, or any measures taken by the Central Bank, including procedures for encountering money laundering, combating terrorist financing, and illegal organizations, the Central Bank shall, at its own discretion, decide to impose one or more of the following sanctions or take any of the following measures:

1. a. Issue, by any means, a caution to the violator.
2. b. Require the violating Licensed Financial Institution to take the necessary actions and measures that the Central Bank deems appropriate to rectify the violation.
3. c. Prohibit violating Licensed Financial Institution from conducting some operations, or carrying on some Licensed Financial Activities, or impose any restrictions, conditions or limitations on all or certain operations and activities.
4. d. Impose conditions or restrictions on the license of the violating Licensed Financial Institution.
5. e. Reduce or suspend the ability of the violating Licensed Financial Institution to draw on the Central Bank’s funds through the Standing Facilities.
6. f. Require the violating Licensed Financial Institution to deposit funds with the Central Bank without return and for the period Central Bank deems appropriate, in addition to the credit balance referred to in Article (32) of this Decretal Law.
7. g. Impose a fine of four hundred (400) basis points over the prevailing base interest rate of the Central bank on any shortfall in the Reserve Requirements referred to in Article (32) of this Decretal Law.
8. h. Require the violating Licensed Financial Institution to return to customers the funds it obtained as a result of its violation of the provisions of this Decretal Law and any excess funds including revenue and profits shall devolve to the Central Bank.
9. i. Impose a fine between one time and ten times the value of unjust enrichment as determined by the Central Bank, which the violating Licensed Financial Institution has, unlawfully acquired, as a result of the violation.
10. j. Impose a fine on the violating Licensed Financial Institution not exceeding (200,000,000) two hundred million Dirhams.
11. k. Delink the violating Licensed Financial Institution from one or all Financial Infrastructure Systems.
12. l. Withdraw the license of the violating Licensed Financial Institution and strike off its name from the Register.
13. m. Impose conditions or restrictions on the authorization of the violating Authorized Individual.
14. n. Impose a fine on the violating Authorized Individual not less than (100,000) one hundred thousand Dirhams and not exceeding (2,000,000) two million Dirhams.
15. o. Prohibit the violating Authorized Individual from undertaking any Designated Function at the Licensed Financial Institution he works for, or any other Licensed Financial Institution.
16. p. Any other financial or administrative measures or sanctions issued by a decision of the Board of Directors. The decision specifies the authority entrusted with imposing these sanctions or measures.

2) Decisions to impose the sanctions referred to under item (1) if this article shall be made by the Governor except for the sanction stipulated in item (I) herein shall be made by the Board of Directors.

3) In all cases, the violator shall be notified, officially, of the reasoned decision within fifteen (15) working days from date of its issue. Such notice shall include the following:

1. a. Content of the decision.
2. b. Reasons for the decision.
3. c. Effective date of the decision.
4. d. A statement advising the violator of its right to submit a grievance against the decision in front of the Grievances and Appeals Committee, in accordance with the provisions of this Decretal Law.

Without prejudice to any harsher punishment provided for in any other law, the offences referred to in the following articles shall be punishable by the respective penalties stated therein.

An employee or representative of the Central Bank or any member of the committees formed within the Central Bank, or any member of the Board of Directors, who discloses any confidential information in breach of provisions of Article (26) of this Decretal Law, shall be punished by imprisonment for a term not exceeding three (3) months and a fine not exceeding one hundred thousand (100,000) Dirhams, or by either of these two punishments.

Whoever issues Currency in contravention to the provisions of this Decretal Law, shall be punished by imprisonment for a term not exceeding twenty (20) years and a fine not exceeding one hundred million (100,000,000) Dirhams, or by either of these two punishments.

Whoever, publicly and intentionally mutilates, destroys or tears up Currency, shall be punished by imprisonment and a fine of not less than (10,000) ten thousand dirhams, or by one of these two penalties.

1) Whoever contravenes the provisions of item (1) of Article (68) of this Decretal Law shall be punished by imprisonment and with a fine not less than two hundred thousand (200,000) Dirhams and not exceeding ten million (10,000,000) Dirhams, or by either of these two punishments.

2) Whoever contravenes the provisions of item (2) of Article (68) of this Decretal Law shall be punished by imprisonment for a period not exceeding six (6) months and with a fine not less than one hundred thousand (100,000) Dirhams and not exceeding five million (5,000,000) Dirhams, or by either of these two punishments.

Whoever violates the conditions and restrictions imposed on a license to carry on Licensed Financial Activities, shall be punished by a fine not less than two hundred thousand (200,000) Dirhams and not exceeding ten million (10,000,000) Dirhams.

Whoever contravenes the Central Bank’s instructions regarding deficiency in the financial position, referred to in Article (116) of this Decretal Law, shall be punished by imprisonment for a term not less than one (1) year, and a fine of not less than one million (1,000,000) Dirhams and not exceeding ten million (10,000,000) Dirhams, or by either of these two punishments.

Whoever contravenes any of the provisions of Article nos. (72) or (96) of this Decretal Law shall be punished by imprisonment and a fine of not less than five hundred thousand (500,000) Dirhams and not exceeding ten million (10,000,000) Dirhams, or by either of these two punishments.

Whoever violates any of the provisions of Article (83) of this decretal law, shall be punished by imprisonment for a term of not less than one (1) year and a fine of not less than five hundred thousand (500,000) Dirhams with a further fine of fifty thousand (50,000) Dirhams per day in case of continuing breach, which cumulatively shall not exceed five million (5,000,000) Dirhams, or by either of these two punishments.

Whoever commits any of the following violations shall be punished by imprisonment for a term not exceeding two (2) years and a fine of not less than five hundred thousand (500,000) Dirhams and not exceeding five million (5,000,000) Dirhams, or by either of these two punishments:

1) Provides incorrect or incomplete facts, information, or data in any statements or documents presented to the Central Bank.

2) Conceals any facts from the statements, information, minutes, papers, or other documents submitted to the Central Bank or to its representatives, employees, and auditors.

3) Destroys, mutilates or alters any document relating to a matter, which is the subject of an investigation by the Central Bank or sends, or causes to be sent out of the State such a document.

4) Obstructs, resists, or causes the delay of the conduct of an investigation by the Central Bank or the furnishing of information to the Central Bank.

5) Acts complicitly with another Person to commit any of the acts referred to in items (1) to (4) of this article.

Whoever intentionally discloses the confidential banking and credit information referred to in Article (120) of this Decretal Law shall be punished by imprisonment and a fine of not less than one hundred thousand (100,000) Dirhams and not exceeding five hundred thousand (500,000) Dirhams.

1) Where a violation was committed by a juridical Person, the official in charge of management shall be punished by the same penalties prescribed for actions committed in violation of the provisions of this decretal law, whenever his knowledge of the violation was established, or if the violation was a result of his negligence or failure to perform his duties.

2) The juridical Person shall be jointly liable with the official in charge of actual management with respect to the imposed financial fines and compensation, in case the violation was committed, in the name of the juridical person and on its behalf, by one of its employees.

Whoever commits any of the violations relating to Financial Infrastructure Systems referred to in Article (130) of this Decretal Law shall be punished by imprisonment and a fine of not less than one hundred thousand (100,000) Dirhams and not exceeding ten million (10,000,000) Dirhams, or by either of these two punishments.