Dealers of precious metals and stones

Since the formation of a private sector in Mongolia in 1990s, dealers of precious metal and stones have operated without any integrated supervision. The related sector has been considered as ‘high risk’ in terms of money laundering and the financing terrorism by the Financial Action Task Force (FATF) and prompted Mongolia’s inclusion in the list of countries with strategic deficiencies in AML/CFT. Mongolia is therefore required to improve policies, strategies and regulations in this sector. Accordingly, amendments have been made in the Law on the Legal Status of the FRC and the Law on Licensing (17 January, 2020), authorizing the FRC to regulate and supervise activities of Dealers of Precious Metal and Stones.The following were duly approved:

The following were duly approved:

•Resolution No. 150 of 2020 on procedures for licensing, permitting and registration of DPMS,

•Resolution No. 151 on the amount of the service fee,

•Resolution No. 182 on procedures for remote and on-site inspections on activities of DPMS.

In cooperation with the Customs, Tax and Financial Information Technology Centre, the FRC started to launch QR code placement in markets and shopping malls (operated by licensed DPMS). Creating an environment for access to high-tech services will protect the interests of consumers and create conditions for citizens to receive professional services.

A total of 30 organizations and 399 individuals were licensed as dealers in precious metal and stones (DPMS), in the sector where MNT577 billion was sold and MNT624.2 billion bought.


Most (83.2%) of entities and individuals with licenses operated in Ulaanbaatar, while 16.7% were in the provinces.

The amount of shared capital of 46 shareholders in 30 entities with licenses was MNT8.2 billion.

In 2020, total asset of the entities (DPMS) were MNT18.4 billion, and net income was -MNT 0.13 billion