Anti-Money Laundering, Combating the Financing of Terrorism, and Counter-Proliferation Financing:

Transport and Development Bank is committed to fully complying with the laws and regulations of Mongolia, as well as the recommendations, standards, and requirements of international regulatory authorities, in preventing, detecting, and combating money laundering, the financing of terrorism, and proliferation financing. Please click HERE to review a general overview of Transport and Development Bank’s Anti-Money Laundering, Combating the Financing of Terrorism and Counter-Proliferation Financing (AML/CFT/CPF) Policy.

In establishing and maintaining correspondent and other business relationships with foreign banks and financial institutions, Transport and Development Bank complies with the recommendations issued by the Wolfsberg Group, the Correspondent Banking Due Diligence Questionnaire (CBDDQ), and applicable laws and regulations, including the USA PATRIOT Act and the Foreign Account Tax Compliance Act (FATCA) of the United States.

Wolfsberg CBDDQ

Please click HERE to access Transport and Development Bank’s completed  Wolfsberg Correspondent Banking Due Diligence Questionnaire (CBDDQ).

USA PATRIOT Act Certification

Please click HERE to access the Transport and Development Bank’s Global USA PATRIOT Act Certification, confirming the Bank’s compliance with the requirements applicable to correspondent accounts held with U.S. financial institutions.

Foreign Account Tax Compliance Act (FATCA)

In accordance with the Foreign Account Tax Compliance Act (FATCA), a U.S. Federal law,  Transport and Development Bank, like other international banks and financial institutions,  is required to report information on the financial accounts held by of U.S. citizens and legal entities to the U.S. Internal Revenue Service (IRS).

Please click HERE to view Transport and Development Bank’s FATCA GIIN and registration information.

Implementation of International Sanctions

In the course of business operations, Transport and Development Bank complies with applicable trade and financial sanctions and requirements imposed by the United Nations Security Council (UNSC), the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), the European Union (EU), the United Kingdom of Great Britain and Northern Ireland (UK), and other applicable sanction regimes, imposed by other governments and competent authorities in accordance with the requirements of correspondent banks. These sanction requirements are incorporated into the Bank’s internal policies, procedures, and programs.

Know Your Customer (KYC) Procedures

Transport and Development Bank implements Know Your Customer (KYC) procedures in accordance with the laws and regulations of Mongolia, as well as  the recommendations and requirements of domestic and international regulatory authorities. Accordangly, with these procedures, the Bank establishes business relationships and provides financial services only after obtaining and verifying reliable information through official documents and other credible sources.This process includes:

1. The purpose of the business relationship established with the Bank;
2. Information on the beneficial owners and shareholders structure, and information;
3. Verifying whether  the customer’s business activities and operations are consistent with the source of their assets and income, as well as the purpose of the transactions conducted;
4. Obtaining and verifying additional information and supporting documentation, when necessary.

Transaction Monitoring and Verification

Transport and Development Bank conducts transaction monitoring and verification in accordance with the laws and regulations of Mongolia, the recommendations and requirements of domestic and international regulatory authorities, and the requirements of the correspondent banks. Accordingly, the Bank processes  transactions only after reviewing and verifying the source of funds, the purpose of the payment, and whether the transaction has legitimate economic rationale. These measures serve as  preventive measure to protect the Bank, its customers, and, more broadly, the Mongolian economy and its international business  relationships from potential risks.