Financial Crime World

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Mongolia’s Financial Institutions to Benefit from International Compliance Training Programme

In a significant development for Mongolia’s financial sector, the International Compliance Association (ICA) has partnered with the Mongolia Compliance Association (MCA) to offer a bespoke e-learning programme to over 10,000 professionals in compliance-related roles across various sectors.

Addressing Unique Challenges

The programme is designed to address the unique challenges faced by Mongolian financial institutions and help them improve their anti-money laundering (AML) and combating the financing of terrorism (CFT) regime. The announcement comes at a critical time for Mongolia, which was added to the Financial Action Task Force’s (FATF) grey list of countries failing to combat money laundering in 2019.

Programme Details

The ICA’s comprehensive e-learning programme will be available in Mongolian and cover a range of topics, including:

  • Compliance and regulation
  • Risk management
  • Money laundering
  • Counter-financing of terrorism
  • Sanctions

The programme is tailored to meet the specific needs of Mongolian professionals working in financial services, banking, insurance, legal, accounting, and real estate sectors.

Quotes from ICA and MCA Officials

ICA President Bill Howarth said:

“We are pleased to partner with the Mongolian Compliance Association to offer our education and help raise AML/CFT standards in the region. Our qualifications are internationally recognized for their quality, depth of knowledge, and focus on local requirements.”

Erdem Zorig, CEO of MCA, added:

“MCA is delighted to work with ICA on this project. The international scope and recognition of ICA combined with MCA’s local expertise offers something uniquely valuable to professionals throughout the country, helping to raise standards in Mongolia and ultimately increase its global standing.”

Impact on Mongolia’s Financial Sector

The ICA qualifications are an internationally recognized benchmark of excellence, and this programme will provide Mongolian professionals with the skills they need to mitigate risk more effectively at their firms. With over 12 professional associations and their members set to benefit from the programme, it is expected to have a significant impact on the country’s financial sector.