Compliance

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:

  1. 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;
  2. To comply with “Know Your Customer” principles and Costumer identification regulations;
  3. To detect, investigate and report the suspicious operations and transactions, which may relate to Money-Laundering and Terrorist-Financing activities or illegally obtained funds;
  4. To designate legal and administrative roles of the Bank and its employees related to AML/CTF;
  5. 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:

  1. Bank of Mongolia is a limited company, and is regulated and supervised by the Bank of Mongolia (Central Bank of Mongolia). Capitron bank 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.
  2. We only have domestic branches and subsidiaries. No foreign branches and subsidiaries in the locations outside of the jurisdiction)
  3. The policy was revised and approved by the Bank’s Board of Directors on Oct 24, 2019.

AML/CTF program

Capitron bank has a Compliance Unit with designated AML/CTF compliance officers under the control of the Risk Management Department, responsible for overseeing AML and CTF efforts of the bank. The Compliance Unit reports directly to the Board of Directors of the bank. The Board of directors ensures that the compliance officers have the appropriate authority and resources to administer the Bank’s AML/CTF activities. The Bank has developed and implemented AML/CTF program, which includes the following, but not limited to:

  1. A written policy and procedure;
  2. Customer identification and verification program;
  3. Internal procedures for identifying and reporting suspicious activities;    
  4. Processes and systems to monitor customer transactions;
  5. An automated system to screen customers against financial sanction lists;    
  6. Risk-based approach;
  7. The retention of relevant records;    
  8. Regular staff training;
  9. Procedures for reporting a suspicious or above of 10.000 USD amount of transactions to the appropriate Financial Intelligence Unit (FIU);
  10. 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.

Capitron bank does not establish a relationship with shell banks or have anonymous accounts. The Bank does not knowingly make contact and transact business with sanctioned individuals, entities and countries identified by government agencies, law enforcement, regulators or the United Nations resolutions.

Anti-Money Laundering Questionnaire

 

 Please press on the following link to see our bank’s completed Wolfsberg Group Anti-Money Laundering Questionnaire.

http://www.capitronbank.mn/uploads/files/20200306/9cb2424873f8139f20f2dae751e0d5f9.pdf

FATCA Status

 

 Please press on the link below to see Capitron bank’s Certificate of Status of Beneficial Owner for United States Tax Withholding and Reporting​​​​

http://www.capitronbank.mn/uploads/files/20190213/705a62ba9f7dc566bf2e3ff46ca93d60.pdf

The USA Patriot Act

 

Please press on the link below to see the Capitron bank USA Patriot Act.

http://www.capitronbank.mn/uploads/files/20200128/fd3a5e349c217e8b879fa2e80a4cde5d.pdf

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