Regulatory Alerts2018-04-19
AML/CFT Risk Based Management Guidance Note
The Bank of Mongolia issued this guidance note to require financial institutions to develop effective frameworks for identifying, measuring, monitoring, controlling, and mitigating money laundering and terrorist financing risks. The document mandates a robust corporate governance structure with clear responsibilities for the Board of Directors and senior management, alongside specific requirements for internal controls, audit, and compliance functions. Institutions must implement robust management information systems, establish comprehensive policies and procedures, and conduct ongoing staff training to ensure adherence to regulatory obligations and mitigate identified risks.
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