Mongolia Sees Compliance Training Boost for Reporting Entities

Enhanced Skills and Knowledge for Over 50 Reporting Entity Compliance Officers

ULAN BATOR, MONGOLIA - The Institute of Certified Public Accountants of Mongolia recently organized a comprehensive compliance training session, attracting over 50 reporting entity compliance officers from across the country. The event aimed to enhance their skills and knowledge in critical areas of compliance.

Key Topics Covered

The Financial Information Service led the training, covering several essential topics:

• Supervision and Reporting Responsibilities: Participants gained a deeper understanding of their roles and responsibilities in ensuring timely and accurate reporting.
• Risk Management and Risk-Based Approach: The session focused on identifying, assessing, and mitigating risks using a risk-based approach to improve overall compliance.
• Customer Due Diligence and Beneficial Ownership: Attendees learned best practices for conducting thorough customer due diligence and understanding beneficial ownership structures.

Additional Insights from Cooperation Council Members

Representatives from cooperation council member organizations, including:

• Bank of Mongolia
• Counter-Terrorism Council
• Ministry of Justice and Internal Affairs

shared their expertise on related topics, providing a comprehensive overview of the compliance landscape in Mongolia.

Training Objectives

The goal of this comprehensive session was to equip participants with the necessary tools and expertise to effectively discharge their duties in compliance with relevant regulations. The training aimed to boost confidence and competence among reporting entity compliance officers, ultimately strengthening Mongolia’s compliance framework.

By attending this training, participants gained valuable insights and practical knowledge that will help them navigate complex compliance requirements and make informed decisions in their daily work.