Compliance

INFORMATION

Financial crime mitigation?
A financial crime is a crime explicitly committed against property. The criminals principally commit financial crimes for their private interest, involving the illegal transfer of property ownership. Financial crimes can occur in many forms. The most common financial crimes in the financial sector are money laundering, terrorist financing, violation of international sanctions, corruption, fraud, embezzlement, forgery, and theft.

What is money laundering?
Money laundering is the process of cloaking the property right, owner, application approach, source, and location of illegal money generated by criminal activity and taking, owning, and using it by knowing its illegitimateness. The money from the criminal activity is considered dirty, and the process “launders” it to make it look clean.

What is terrorism financing?
Terrorist financing is accumulating, changing, transferring and allocating funds for terrorists, terrorist acts and activities directly or indirectly.

What is the financing of the proliferation of weapons of mass destruction?
The proliferation of weapons of mass destruction has increasingly become part of the fight against money laundering and terrorist financing, and combating these crimes has become one of the essential responsibilities of whistleblowers.
This is the financing of any activity to manufacture, use, sell, or purchase nuclear, chemical, or biological weapons of mass destruction that are prohibited by Mongolian laws and international treaties. The proliferation of weapons of mass destruction brings grave consequences for international safety, security, and environmental well-being. Therefore, it is extremely important for the Bank to identify and stop any financial transaction that is likely to be involved in the financing of the proliferation of weapons of mass destruction. 

GUIDANCE

Tips to avoid becoming a victim of crime:

• Check your account regularly and contact the bank directly if anything suspicious is detected
• Remember that the bank will never ask for personal information by phone or e-mail
• If your offer promises a profit that is unlikely to happen in real life and is too high (not possible to earn in the ordinary course of action at that time), then it is most likely a scam.
• Only buy from trusted websites
• Ensure information security

Tips on how to ensure information security:

• Know who are contacting and confirm by phone
• Encrypt data
• Keep password private
• Avoid posting too much information on social networks
• Use security software
• Reject phishing emails
• Make sure to be protected when using the public Internet
• Read the website's privacy policy

Tips for making foreign transfers:
As a customer, you can reduce the risk of transaction delays, cancellations, and reversals by paying attention to the following points when transferring transactions. It includes:

• When opening a bank account and receiving services, provide complete and accurate information about name, residential address, contact channels, business activities, and shareholders.
• When making a payment transfer or transaction, write the purpose and meaning of the payment in detail and clearly. If paying for shipping, enter the product to be transported in the transaction value section, and if you are paying for goods, please enter what the goods are, and avoid using abbreviations as much as possible. Recommendations for foreign transfer transactions
• Have clear information about the payee and partner, and write the purpose of the payment in line with the direction of business and activities. • Do not transfer payments on behalf of third parties.
• Write the payment information details and transaction values transferred using the Internet and electronic banking services.
• Transferring banks specify a certain period to receive a response when submitting an inquiry. If they do not receive a response within that period, they have the right to reverse the transaction, so in case additional information and clarifications are required from the bank related to payment and transfer, the information should be provided accurately and promptly in each case.

Risk recommendations for not updating contact information:
Dear customer, the main goal of information innovation is to continuously and quickly deliver banking services suitable for and to prevent and protect potential risks. The following risks and problems arise since the customer still needs to update the information, and it is outdated. It includes:

• Following the bank's legal obligations, it will be challenging to identify the customer and require updating information frequently.
• Delay or cancellation of domestic and foreign transactions of the customer
• The customer may be exposed to third-party attacks or fraud
• Accepting the risk that the customer will not be able to get the product or service that suits him
• The customer may not be able to get information from the bank at any time

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Tips for preventing cybercrime:
Globally, with the rapid development of new technology and the increase in the scope of its use, fraud, illegal activities, and criminal acts in the online environment have become more common.

• Not to transmit or use confidential information to third parties at the persuasion of others;
• If a third party disposes of the account, ultimately responsible and will not accept such requests, bearing in mind that information may appear in any transaction-related account information.
• To prevent the loss of personal data in the bank, update it regularly and ensure security;
• Do not share e-bank login name, password and one-time password with others under any circumstances; change it whenever you feel suspicious;
• If suspicious transactions or attempts are observed through the account, immediately report them to the branch.
• In the case of investment and crypto trading, research a reliable source about the project to invest in;
• Avoid taking loans and investing under the persuasion or threat of others and without financial calculations.
• Be especially careful not to transfer money to citizens of foreign countries whom you have met online and have not met in person;
• To prevent the transfer of money from friends, relatives, and family members, who put money as collateral for the sale of houses, apartments, and cars;
• Be aware of the types of romance scams and prevent exposure to this type of risk.
• Confirm that the receiver is operating by researching from official sources;
• When transferring money, transfer it only to the account of the confirmed recipient;
• Demanding from the payee an invoice certified by a seal, which includes the details of the participant in the transaction and the information of the transaction;
• If you receive information about the change of account information by e-mail, you must confirm it by phone.

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