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Compliance

Arig Bank has developed its own internal policies and procedures for combating financial crimes, preventing money laundering and terrorist financing, and was approved by the Board of Directors, and all branches of the bank are working to implement these procedures in their daily operations. Arig Bank's "Procedures for Combating and Preventing Money Laundering and Terrorist Financing" comply with the following international and domestic legal acts and regulations.
It includes:

  • Recommendations issued by the International Organization for Combating Financial Crimes (FATF)
  • Mongolian Banking Law;
  • Mongolian Law on Combating Money Laundering and Terrorist Financing;
  • Mongolian Law on Combating Proliferation of weapons of mass destruction and terrorism;
  • Bank of Mongolia’s Procedures for preventing money laundering and terrorist financing;
  • Arig Bank’s Risk Management Policy;
  • Arig Bank’s Internal Audit Program;


Click here to view the bank's AML statement.
Click here to access the Wolfsberg Group Bank questionnaire.
Click here to view the bank's US patriot act.

Arig Bank’s principles of establishing correspondent relationship

The Bank works in accordance with the following principles when communicating and establishing relations with external correspondent banks.
It includes:

  • The Bank will not establish business or financial relationships with shell banks or financial institutions, and will not have relations with financial institutions that have established relationships with shell banks.
  • The Bank does not provide services for receiving and transmitting transactions of other domestic banks and financial institutions and their customers through correspondent accounts (Downstream/Nested correspondence).
  • The bank does not use correspondent accounts for third parties for transactions use or does not provide services PTA (Payable through account).
  • The bank pursues financial sanctions imposed by the United Nations Security Council and other competent authorities in connection with combating money laundering, terrorist financing, and the financing of the proliferation of weapons of mass destruction.
  • As part of the customer identification process, the bank performs KYC and EDD on customer accounts/transactions and identifies the UBO and screens against the PEP list.


When establishing relations with foreign banks and financial institutions, the bank conducts due diligence on the following information in order to prevent AML/CTF risks.
It includes:

  • Information about the nature of the organization's business activities, public awareness, and its physical existence;
  • Whether the organization has a policy, procedure, system, and internal control program for AML/CTF;
  • Whether the organization was involved in money laundering and terrorism financing activities and was inspected by an authorized organization;
  • If the correspondent bank uses its account directly to third party or conducts PTA (payable through account), if it does, whether or not the bank identifies the third party;