Trade and Development Bank of Mongolia ("TDB"), as a leading financial institution in Mongolia, the bank operates under international and local rules and regulations concerning AML and the prevention of terrorism financing ("AML/CTF").
TDB has established policies and procedures designated to combat Money Laundering and Terrorism Financing in line with Mongolian AML law, FATF standards, and other local and international regulators' rules and regulations.
As required by law, TDB and its subsidiaries have implemented a risk-based, enterprise-wide AML Program that complies with the specific provisions and the spirit of all relevant laws and regulations. Our bank's AML/CTF policy and procedures include specific details about sanction screening, customer due diligence, enhanced due diligence transaction monitoring, correspondent banking and training.
Why do the bank monitor customer transactions and request transaction-related information?
As the correspondent bank does not have information on other banks' customers, the transferring banks must clearly state the purpose of the payment and provide complete details of the remitter’s and beneficiary's information. In case of incorrect, incomplete or unclear information, measures are taken to suspend, return, isolate and confiscate the transaction to clarify the purpose of the payment and obtain information about the sender and recipient. Therefore, when transferring a transaction, you can reduce the risk of delay, cancellation by paying attention to the following: These include:
Precautions to be taken to prevent fraudulent transactions and to complete transaction information
Recently, there has been a growing trend to transfer payments via email to foreign partners. As the transfer and payment recipients are at risk of hacking their email addresses, receiving phishing emails and fraud when exchanging information electronically, please confirm your transfer information as follows. These include:
Financial crime is defined as a crime that is committed explicitly against a property. These crimes are almost always reserved for the personal benefit of the criminal, and they involve an illegal conversion of ownership of the property involved. Financial crimes can occur in many different forms. Some of the most common crimes facing the financial sector are money laundering, terrorist financing, fraud, tax evasion, embezzlement, forgery, counterfeiting, and identity theft.
What is money laundering?
Knowing that the property, money, or income earned by committing a crime was obtained, possessed, or used, concealed its illegal source, or concealed the actual nature, source, location, method of disposal, possession, or property rights understanding.
What is terrorism financing?
Terrorist means a person who has directly or indirectly accumulated, changed, transferred or spent property for spending on terrorist acts and activities.
Tips to prevent becoming a victim of crime:
Information security is the practical act of protecting information by reducing information risk, includes preventing unauthorized access, use, disclosure, interruption, destruction or alteration of data. Saved data can be intangible or intangible form. The main focus of information security is to balance the confidentiality, integrity and accessibility of information.
The Wolfsberg Group is an association of thirteen global banks that aims to develop frameworks and guidance for the management of financial crime risks, particularly concerning Know Your Customer, Anti-Money Laundering and Counter-Terrorist Financing policies.
An Act to deter and punish terrorist acts in the United States and across the globe to enhance law enforcement investigatory tools and other purposes.
Banks and financial institutions are required to comply with the FATCA, the law that provides information on foreign accounts of US citizens and legal entities to the Federal Tax Administration. TDB is the implementer of the FATCA law.