Financial Crime World

Mongolia’s Business Environment Presents Compliance Risk Assessment Challenges

Ulaanbaatar, Mongolia - A Complex and Attractive Destination for International Businesses

As Mongolia continues to attract foreign capital and investors, its business environment has become increasingly complex, posing significant compliance risk assessment challenges. The country’s strategic location between Russia and China, combined with government efforts to improve the business climate, have made it an attractive destination for international businesses.

Bureaucratic Complexities and State Control Present Challenges

However, despite ongoing reforms, Mongolia’s business landscape is fraught with bureaucratic complexities, state control over strategic assets, corruption concerns, and a high presence of politically-exposed persons among business owners. These factors can significantly complicate risk management and compliance for organizations operating in the country.

The Need for Robust Tools and Insights

To navigate this challenging environment, companies need to be equipped with robust tools and insights that enable them to make informed decisions and ensure compliance. ClearPic’s online platform is designed to provide businesses with a comprehensive solution to identify potential risks and stay vigilant.

Features of the ClearPic Platform

  • Aggregates data from over 200 official sources into a single dashboard, providing users with reliable information on Mongolian counterparties.
  • Offers a range of features, including:
    • Corporate records
    • Litigation records
    • State procurements
    • Business activity
    • Watch lists
    • Licenses and permits

Automation of Counterparty Finding and Background Research Procedures

For companies operating in Mongolia, ClearPic’s platform can help automate counterparty finding, validations, and background research procedures. With comprehensive data sets available within a unified dashboard, businesses can gain valuable insights into the Mongolian market and make informed decisions about their operations.

  • Erdenet Mining Corporation (EMC)
  • Oyu Tolgoi LLC
  • Tavan Tolgoi JSC
  • Mongolrostsvetmet LLC
  • Energy Resources LLC
  • Khan Bank
  • Trade and Development Bank of Mongolia (TDB)
  • Unitel Group
  • MCS Group
  • APU Company

Learn More About ClearPic’s Powerful Online Platform

To learn more about ClearPic’s powerful online platform and its capabilities in UBO identification, affiliation mapping, public procurement analysis, and litigation record research, companies can schedule a demo with the sales team. By staying ahead of compliance risk assessment challenges, businesses can ensure success in Mongolia’s dynamic market.