Mongolia to Benefit from Compliance Training Programme
In an effort to strengthen its anti-money laundering and combating the financing of terrorism (AML/CFT) regime, Mongolia is set to receive a bespoke e-learning programme from the International Compliance Association (ICA). This initiative aims to train over 10,000 members in compliance-related roles across various sectors.
Partnership between ICA and Mongolian Compliance Association
The ICA has partnered with the Mongolian Compliance Association (MCA) to offer a comprehensive e-learning programme that combines international standards with modules specifically designed to address the unique challenges faced by Mongolia. The programme will be available in the country’s native language, making it accessible to professionals working in these sectors.
Background
According to the Financial Action Task Force (FATF), Mongolia was added to its grey list of nations failing to combat money laundering along with countries such as Botswana, Pakistan, and Syria in October 2019. However, Mongolia has since made a high-level political commitment to work with the FATF and continues to take significant steps towards strengthening its AML/CFT regime.
Benefits of the Programme
The e-learning programme will provide professionals with a comprehensive understanding of:
- Compliance and regulation
- Risk management
- Money laundering
- Counter-financing of terrorism
- Sanctions
This programme is expected to enhance the capabilities of compliance professionals and executives in high-risk frontline roles, as well as board-level professionals who require foundational knowledge in compliance.
International Recognition
ICA qualifications are an internationally recognized benchmark of excellence. The organisation offers a full suite of courses that can be accessed through its website. The partnership between ICA and MCA is expected to have a significant impact on Mongolia’s AML/CFT regime and ultimately improve its global standing.
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“We are pleased to have partnered with the Mongolian Compliance Association to offer ICA’s education and help raise the AML/CFT standards in the region,” said ICA President Bill Howarth. “ICA’s qualifications are internationally recognized by jurisdictions across the globe for the quality and depth of data they offer, as well as their unique ability to focus on local requirements.”
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“MCA is delighted to be working 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,” said Erdem Zorig, CEO of MCA.
The e-learning programme is expected to make a significant impact on Mongolia’s AML/CFT regime and improve its global standing.