FRC warns not to receive electronic payment, remittance services from non-licensed entities

2021-04-14 13:12:28

Ulaanbaatar /MONTSAME/. The Asia/Pacific Group on Money Laundering is a FATF-style regional inter-governmental body, and Mongolia, as a member, is committed to implement international standards against money laundering, and the financing of terrorism.

Recommendation 14 of FATF states that natural or legal persons that provide money or value transfer services are required to be licensed or registered. According to Paragraph 7.1.6 of the Law on Non-Bank Financial Activities, non-bank financial activities must include electronic payment, remittance services. In the case of operating without a license, penalties are as stated in the Paragraph 11.6.1 of Law on Infringement.

To prevent reduce potential risks to the public, the Financial Regulatory Commission of Mongolia regularly updates lists of entities providing electronic payment and remittance services, and publicly announces this on its website.

As of the first quarter of 2021, the following entities were operating with licenses.

  • “Ard Credit NBFI” JSC
  • “Business Invest Development NBFI” LLC
  • “Gumuda Finance NBFI” LLC
  • “Gyals Credit NBFI” LLC
  • “Digital Market NBFI” LLC 
  • “GSB Capital NBFI” LLC
  • “ESA Finance NBFI” LLC
  • “Invescore Wallet NBFI” LLC
  • “Investos NBFI” LLC
  • “Ireedui Invest NBFI” LLC
  • “Ikh Mongol Credit NBFI” LLC
  • “Creditech CTM NBFI” LLC 
  • “LendMN NBFI” LLC 
  • “Mobifinance NBFI” LLC
  • “MoneyPolo NBFI” LLC 
  • “Naransansar NBFI” LLC
  • “Netcapital Financial Corporation NBFI” LLC
  • “Oortsog Khundy NBFI” LLC 
  • “Ochir Undraa OMZ NBFI” LLC
  • “Public Credit NBFI” LLC
  • “Prime Financial Holdings NBFI” LLC
  • “Sain Finance and Transfer NBFI” LLC
  • “Sam Nor NBFI” LLC
  • “Solomon Investments NBFI” LLC
  • “Songomol Finance NBFI” LLC
  • “SendMN NBFI” LLC
  • “T-Finance NBFI” LLC
  • “Tugmel NBFI” LLC 
  • “Financial Triple Group NBFI” LLC 
  • “Khatan Suld NBFI” LLC 
  • “Khymort Naiman Sharga NBFI” LLC 
  • “Central Capital NBFI” LLC 
  • “Shine Tugrug NBFI” LLC 
  • “Exclusive Change NBFI” LLC

The FRC of Mongolia warns not to receive electronic payment and remittance services from entities without licenses and prospective customers have to check license of entities before receiving such services, and protect themselves from becoming victim. 

Source: Financial Regulatory Commission

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