Mongolian Regulations Strengthen Anti-Money Laundering and Know-Your-Customer Measures

Ulaanbaatar, Mongolia

The Mongolian government has issued new regulations aimed at strengthening anti-money laundering (AML) and know-your-customer (KYC) measures in the country. The new rules require businesses to conduct enhanced due diligence on customers and maintain detailed records of customer data for at least five years.

Key Requirements

• Financial institutions and other businesses must verify the identity of their customers and screen them against international watchlists and sanctions databases.
  • Verify name, date of birth, and address of each customer
  • Screen against lists of politically exposed persons (PEPs)
• Conduct enhanced due diligence on customers who present a higher risk profile, such as those with complex or unusual business structures or transactions.
• Maintain detailed records of customer data, including:
  • Identification documents
  • Transaction records
• Keep these records for at least five years and make them available to regulatory authorities upon request.

Commitment to AML/CFT

“We are committed to ensuring that our financial system is transparent and secure,” said [Name], Head of Financial Regulation in Mongolia. “These new regulations will help us to detect and prevent money laundering and terrorist financing activities.”

Compliance and Enforcement

“Mongolian businesses must comply with these regulations in order to operate legally,” said [Name], Head of Financial Regulation in Mongolia. “We expect all financial institutions and other businesses to take these new regulations seriously and implement them fully.”

International Cooperation

“Mongolia is committed to working with international partners to combat money laundering and terrorist financing,” said [Name], Head of Financial Regulation in Mongolia. “We believe that these new regulations will help us to achieve this goal and protect our financial system from illegal activities.”