Regulatory Alerts2021-01-27
Regulation of Preventive Measures on Anti-Money Laundering and Combating Financing of Terrorism
The Bank of Mongolia issued this regulation to mandate that reporting entities implement internal policies, procedures, and programs consistent with the Law on Anti-Money Laundering and Combating the Financing of Terrorism. It requires entities to conduct regular risk assessments covering consumer, product, geographic, and delivery channel risks, while enforcing strict customer due diligence, beneficial ownership determination, and enhanced scrutiny for politically exposed persons. The document further stipulates simplified due diligence conditions, immediate freezing of assets for sanctioned parties, and mandatory suspicious transaction reporting to the Financial Information Unit.
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