Summary Statement of Anti-Money Laundering and Countering
Terrorist Financing Policy
The “Anti-Money Laundering and Countering Terrorist Financing Policy” of Capitron bank of Mongolia is a policy that is designed to combat Money-Laundering, counter Terrorist-Financing and take all necessary preventive actions. The policy is applied evenly to all the branches and subsidiaries of the Bank.
The objectives of the Policy are:
- To comply with the law on Anti-Money Laundering (AML) and Counter Terrorist-Financing (CTF) of Mongolia, regulations of the Bank of Mongolia, FATF recommendations and other international common principles and legal acts;
- To comply with “Know Your Customer” principles and Costumer identification regulations;
- To detect, investigate and report the suspicious operations and transactions, which may relate to Money-Laundering and Terrorist-Financing activities or illegally obtained funds;
- To designate legal and administrative roles of the Bank and its employees related to AML/CTF;
- To provide AML/CTF training to relevant employees on internal AML/CTF policies and identification and reporting of suspicious transactions to legal authorities;
The Statement of the Policy:
- Bank of Mongolia is a limited company, and is regulated and supervised by the Bank of Mongolia (Central Bank of Mongolia).
Capitronbank and its entire branch units are required to fully comply with the law on Anti-Money Laundering (AML) and Counter Terrorist-Financing (CTF) of Mongolia and regulations and standards of the Bank of Mongolia.
- We only have domestic branches and subsidiaries. No foreign branches and subsidiaries in the locations outside of the jurisdiction)
- The policy was revised and approved by the Bank’s Board of Directors on Oct 24, 2019.
- A written policy and procedure;
- Customer identification and verification program;
- Internal procedures for identifying and reporting suspicious activities;
- Processes and systems to monitor customer transactions;
- An automated system to screen customers against financial sanction lists;
- Risk-based approach;
- The retention of relevant records;
- Regular staff training;
- Procedures for reporting a suspicious or above of 10.000 USD amount of transactions to the appropriate Financial Intelligence Unit (FIU);
- Internal audit function and management review to monitor AML/CTF compliance.
The program reflects on FATF (Financial Action Task Force) recommendations to combat money laundering and financing. The Bank has the policy to assess risks associated with correspondent banking and review AML/CTF compliance of all correspondent banks periodically.
Anti-Money Laundering Questionnaire
Please press on the following link to see our bank’s completed Wolfsberg Group Anti-Money Laundering Questionnaire.
Please press on the link below to see Capitron bank’s Certificate of Status of Beneficial Owner for United States Tax Withholding and Reporting
The USA Patriot Act
Please press on the link below to see the Capitron bank USA Patriot Act.