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Mongolia Banks to Implement Strengthened Anti-Money Laundering Measures

The Asian Development Bank (ADB) has launched a project aimed at enhancing anti-money laundering and combating the financing of terrorism (AML/CFT) measures in Mongolia’s banking industry.

Project Overview

The project, dubbed “Developing Anti-Money Laundering and Combating the Financing of Terrorism Approaches, Methodologies, and Controls,” aims to strengthen the capacity of domestic banks and non-bank financial institutions (NBFIs) to comply with Financial Action Task Force (FATF) requirements.

Regional Context

The ADB project is part of a larger cluster regional capacity development technical assistance program that supports banking and finance sectors in nine developing member countries, including Mongolia. The initiative aims to deepen the impact of previous reforms by ensuring that improved regulatory frameworks are adequately implemented by domestic banks, NBFIs, and DNFBPs (designated non-financial businesses and professions).

Project Objectives

The project will provide:

• Training for compliance officers in the private sector
• Assistance to develop or improve internal AML/CFT governance structures, policies, and processes
• Strengthening national corporate registration systems and data sources to improve the effectiveness of customer due diligence performed by domestic entities

Additionally, Mongolian banks and NBFIs will be required to:

• Develop and implement risk-based due diligence rules and procedures
• Enhance their capacity to effectively use adequate customer due diligence tools and approaches

Expected Impact

The project is expected to have a significant impact on legal and institutional systems to combat money laundering and terrorism financing in Mongolia.

Funding and Timeline

The ADB has committed $1 million to the project, which will be implemented over four years until 2024.