The FRC organized a discussion on Joint Stock Company Compliance and Information Transparency on 17 September. The event included participation by professional associations, joint stock companies’ management, market researchers and experts. Discussions focused on current and future issues; such as compliance with relevant laws (including rules and regulations) of joint stock companies, and transparency of information and reporting.
Reporting entities take important role on combating money laundering and financing terrorism and they are also responsible under the Law on Anti-money Laundering and Countering financing Terrorism, the Law on Counter Terrorism and Proliferation. Therefore, the FRC is providing reporting entities with the following general instructions and recommendations.
The Financial Regulatory Commission (FRC) is monitoring the implementation of the obligations of the reporting entity specified in Articles 4.1.2-4.1.8 of the Law on Anti-money Laundering and Counter Financing of Terrorism and Law on the Proliferation of Weapons of Mass Destruction and the Fight against Terrorism.
In this regard, the “Risk Assessment Questionnaire for Money Laundering and Terrorist Financing and Proliferation of Weapons of Mass Destruction” is being conducted using google forum and must be completed by the FRC regulated reporting entities.
The Alliance for Financial Inclusion (AFI) includes more than 100 member organizations - from 90 countries - working together to advance its mission of accelerating the adoption of proven and innovative financial inclusion policy solutions, with the ultimate aim of making financial services more accessible to the world’s unbanked people.
The 2020 meeting of the Board of the International Credit Union Regulators' Network (ICURN) opened with the participation of 200 representatives of the credit union regulators; who between them manage operations within the online environment across the world.
Money laundering and the financing of terrorism continue to be international issues. In Mongolia, money laundering can pose a danger to the financial markets; by the smuggling, storing and transferring of the proceeds of crimes committed abroad.