Ulaanbaatar
“Compliance Forum 2015” organized successfully
EconomyUlaanbaatar /MONTSAME/ Under the auspices of Bank of Mongolia and jointly with the Mongolian Bankers Association, Khan Bank successfully organized Wednesday “Compliance Forum 2015”.
The news was published on Friday on the Khan Bank’s website.
The event drew representatives from commercial banks, regulators, nongovernmental organizations, non banking financial institutions and International Development organizations.
“Compliance” covers critical matters including adherence to laws and regulations, aligning of internal policies and rules with the law, prevention and mitigation of associated risks, fair treatment of customers, prevention of financial crimes and implementation of Corporate Social Responsibilities.
Khan Bank has been upholding transparent and fair practices, in compliance with regulations, in all aspects of its operation. Therefore, the bank is serving as the organizer of this industry event to raise awareness on the importance of compliance.
During the event, “Advisory Note on Compliance Policy and Functions in Banks” were presented, in addition to discussion on key challenges faced by banks and financial institutions in the area of compliance.
Other issues discussed during the Forum included international sanctions, Foreign Account Tax Compliance Act of USA, upcoming mutual evaluation on anti-money laundering and counter terrorism financing system in Mongolia from Asia Pacific Group against Money Laundering.
