The Bank is focused on maintaining safe, secure and compliant financial operations, which has always been its priority. The bank believes that by conducting thorough customer due diligence and transaction monitoring, we can prevent and mitigate the risk of financial system being used for criminal activities, such as money laundering and terrorist financing. Additionally, we see this as our greatest contribution to protecting our customers and society from the risks of money laundering and terrorist financing risks.
The movement of illicit funds threatens the stability of the country's financial market and distort financial reporting, harm the country's reputation, and hinder Mongolian citizens and businesses from accessing international market.
Money laundering and terrorist financing are serious global issues. Simply making these actions illegal is not enough to stop these criminals. It's important to not only create and enforce laws at the national level but also take steps to protect the financial system from being used for these crimes.
Financial crimes can have a significant impact on society, and banks and financial institutions cannot fight these crimes or put in place the necessary controls on their own. That's why banks work together with other local and international banks, financial institutions, law enforcement, and relevant authorities to detect and combat money laundering and terrorist financing.
What information does the Bank require from a customer?
The first step in becoming a reliable and compliant bank is getting to know your customer (KYC). We offer our financial services and cooperate with individuals and businesses whose identities have been verified through official documents and proper checks.
The KYC process includes screening the customer and their transactions against international sanctions lists, updating their information, collecting more details and documents about their transactions, monitoring transactions in accordance with applicable laws and regulations and performing other tasks required by regulations.
From the individual, we require:
A valid ID card, or passport
Employment or business details including source of income
Information about the current job, business status, and position
Home and office addresses, contact number, email address
Any other necessary information
From a legal entity, we require:
State Registration Certificate
Company Charter or Articles of Incorporation
Information on shareholders and executive management
Ultimate Beneficial Owner’s application form
Any other information required by the bank
Other required information the bank