Financial Crime Mitigation
A financial crime involves illegal activities committed against property, often for personal gain. These crimes typically involve the unlawful transfer of property ownership and can take many forms. In the financial sector, common financial crimes include money laundering, terrorist financing, violations of international sanctions, corruption, fraud, embezzlement, forgery, and theft.
What is Money Laundering?
Money laundering is the process of disguising the origin, ownership, and purpose of money gained from illegal activities. The goal is to make "dirty" money appear "clean" so it can be used without suspicion.
What is Terrorist Financing?
Terrorist financing refers to the process of gathering, moving, or using funds to support terrorists, terrorist acts, or related activities, whether directly or indirectly.
What is the Financing of the Proliferation of Weapons of Mass Destruction?
This refers to the financial support of activities related to the manufacture, use, sale, or purchase of nuclear, chemical, or biological weapons of mass destruction, which are prohibited by both Mongolian laws and international treaties. Combating this form of financing is crucial for international safety and security. It is essential for the bank to detect and prevent any transactions that could fund the proliferation of such weapons.
Tips for preventing cybercrime:
Financial fraud is increasing worldwide as the public embraces new sophisticated technologies, creating opportunities for online criminals.
Cybercriminals often use persuasive tactics and threats to manipulate victims. To protect yourself, never share your personal or confidential information with third parties.
Sharing your bank account information and allowing a third party to use your account can lead to legal consequences. Never accept such requests.
To protect your personal data at the bank, regularly update your contact information and ensure its security.
Never share your e-banking login, password, or one-time password with anyone. If you suspect any suspicious activity, change your credentials immediately.
If you notice suspicious transactions or activity in your account, report them to the branch immediately.
Before investing in any project or crypto trading, research reliable sources to ensure the legitimacy of the investment.
Avoid taking loans or making investments based on persuasion or threats from others, especially without proper financial planning.
Be cautious about transferring money to individuals from foreign countries whom you’ve only met online and have not met in person.
Avoid transferring money by borrowing from friends, relatives, or family members, especially if you’re using your own house, apartment, or car as collateral or selling those items to facilitate the transfer.
Be aware of romance scams and take steps to protect yourself from this type of risk.
Verify the receiver’s legitimacy by researching through official sources.
When transferring money, ensure its sent only to the account of the verified recipient.
Request an invoice from the payee that is certified with a seal, including details of the transaction information.
If you receive notification of a change in account information via email, confirm it by phone before proceeding.