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Mongolian Banking Law: Establishing and Operating a Bank

The Mongolian Banking Law regulates the establishment, operation, and supervision of banks in Mongolia. Here’s an overview of the key aspects.

CHAPTER II. ESTABLISHING AND OPERATING A BANK

Requirements for Bank Founders

• Article 16: The founders must be licensed by authorities and subject to regular supervision.
• Article 17: Prohibited transactions, including lending to controlling shareholders within one year of operations start, and avoiding concessions with related parties.

Establishing a Bank

• Articles 18-23:
  • Establishing a bank
  • Incorporating a branch or representative office
  • Granting a banking license

CHAPTER III. INCORPORATING AND RE-ORGANIZING A BANK

Establishing a Foreign-Invested Bank and its Branch/Representative Office

• Article 22: The process of establishing a foreign-invested bank and its branch or representative office.

Granting a Banking License

• Article 23: An application for a banking license must be submitted to the Bank of Mongolia, which will verify that the requirements in Article 19 are met.
  • Sufficient capital
  • Knowledge and experience of top managers

Establishing a Bank in Mongolia

If you’re interested in establishing a bank in Mongolia, here’s what you need to know:

1. Establishment: A bank must be founded by individuals or entities that meet the requirements set out in Article 16.
2. Registration: The bank must register its Charter with the Bank of Mongolia within 14 days after a decision on amendments is made.
3. Licensing: An application for a banking license must be submitted to the Bank of Mongolia, which will verify that the requirements are met.

Please note that this summary is based on incomplete information. If you have any further questions or would like more clarification on specific aspects, I’ll do my best to assist you.