Mongolia Aims to Boost Compliance Standards with International Partnership
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Introduction
Ulaanbaatar, Mongolia - The International Compliance Association (ICA) has partnered with the Mongolian Compliance Association (MCA) to launch a bespoke e-learning program for over 10,000 compliance professionals in Mongolia. This initiative aims to enhance the country’s anti-money laundering and counter-terrorism financing (AML/CFT) regime, which was grey-listed by the Financial Action Task Force (FATF) in October 2019.
Program Overview
The e-learning program will be available in Mongolian and is designed for professionals working in various sectors, including:
- Financial services
- Banking
- Insurance
- Legal
- Accounting
- Real estate
The program combines an international framework with modules tailored to address specific challenges in the Mongolian market, covering topics such as:
- Compliance and regulation
- Risk management
- Money laundering
- Counter-financing of terrorism
- Sanctions
Significance of Partnership
The announcement comes at a critical time for Mongolia, which has made significant efforts to strengthen its AML/CFT regime. The country has committed to working with the FATF and is taking steps to improve its effectiveness.
ICA President Bill Howarth emphasized that the partnership aims to raise the standards in the region by providing internationally recognized qualifications.
“We are excited to expand into the Mongolian market and provide local professionals with the opportunity to enhance their capabilities and equip them with the skills they need to mitigate risk more effectively at their firms,” said Howarth.
The ICA qualifications are widely recognized globally for their quality, depth of knowledge, and focus on local requirements.
Local Expertise
MCA CEO Erdem Zorig welcomed the partnership, stating that it offers a unique value proposition to professionals in Mongolia by combining international recognition with local expertise.
“We believe this partnership will help raise standards in Mongolia and increase its global standing,” added Zorig.
Benefits of ICA Qualifications
The ICA qualifications are an internationally recognized benchmark of excellence for compliance professionals. The full suite of courses can be accessed at https://www.int-comp.org/course-finder/.
By pursuing these qualifications, Mongolian compliance professionals will gain:
- Enhanced knowledge and skills in AML/CFT
- Improved ability to mitigate risk effectively
- Recognition globally for their expertise
- Increased opportunities for career advancement
Conclusion
The partnership between ICA and MCA marks a significant step forward in Mongolia’s efforts to strengthen its AML/CFT regime. The bespoke e-learning program will provide local professionals with the skills they need to succeed in this critical area, while also enhancing the country’s global standing.