Regulatory Alerts2007-03-16
Regulation on Council on Accounting and Payment Matters of the Banks
The Bank of Mongolia issued this regulation to establish the Council on Accounting and Payment Matters, which provides professional consulting and analysis on accounting, auditing, and payment issues for banks and non-bank financial institutions. The Council comprises eleven part-time members appointed by the Governor, including a Certified Public Accountant as Chairman, and is tasked with developing recommendations, participating in legal standard preparation, and improving payment system safety and automation. Members must meet strict professional and ethical requirements, and the Council operates through quarterly meetings to submit annual reports and advice to the Bank of Mongolia's Board of Directors.
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