THE FRC ISSUES A GUIDELINE ON IDENTIFYING, INSPECTING PERSONS THAT CARRY OUT ELECTRONIC PAYMENT AND FOREIGN EXCHANGE SERVICES
The Financial Regulatory Commission has been taking measures to implement recommendations set by the FATF, an inter-governmental body that sets international standards to combat money laundering and terrorist financing.
According to the FATF recommendation 14, countries should take action to identify natural or legal persons that carry out Money or value transfer service without a license or registration, and apply appropriate sanctions. During past years, the FRC has been taking action to identify, conduct supervision and impose sanctions on unlicensed activities in collaboration with relevant government authorities, such as Communication Regulatory Commission, Criminal Police Department and the FRC representatives in 21 provinces of Mongolia. The FRC has been compliant to the recommendation and has been conducting supervisions and taking measures to stop such action, however there was no official guideline or instruction. Today, the FRC issued a guideline for inspectors that will help them to identify, terminate unlicensed operation according to the laws and regulations, inform unlicensed activities to the public and form a data base on that.