Trade and Development Bank (TDB), a leader in correspondent banking relationships and compliance standards, successfully organized the 7th Annual "Compliance Forum 2019" on November 5, in collaboration with the Mongolian Bankers Association and the Bank of Mongolia.
At this forum, executives from commercial banks, relevant government agencies, and representatives from international professional organizations, including the IMF and legal consultants from LimNexus, participated by invitation. They shared their best practices on mitigating risks related to correspondent banking relationships and compliance. Additionally, an open discussion was held on the challenges faced by banks and financial institutions in the field of compliance.
Compliance is a critical component of the operations of banks and financial institutions. It encompasses conducting activities within the framework of laws, regulations, and rules established by authorized bodies, aligning internal policies and procedures with these standards to mitigate risks, protecting customer rights, and preventing financial crimes such as money laundering and fraud.
