Paper
Regulation on Licensing of the Bank and its Units
How is the licensing of banks regulated in Mongolia?
This document comprises the regulation on licensing of banks and their units in Mongolia.
The purpose of this regulation is to regulate relations with respect to:
- Licensing of the bank and its units;
- Authorization to restructure a paid-up capital of the bank;
- Verification of evidence;
- Revocation of a license by the Bank of Mongolia (BOM).
The regulation discusses:
- Application for the license;
- Ownership of the bank and its form;
- Foreign banks;
- Various methods to establish a bank;
- Authorization of the bank name;
- Establishment of branches.
It covers in detail the following topics:
- Requirements for bank foundation;
- Verification of the documents to found a bank;
- Granting a license to found a bank;
- Refusal to grant a bank license;
- Licensing of banking activities and their possible limitations;
- Authorization and registration by the BOM of changes to be made to the bank paid-up capital;
- Licensing of a bank unit;
- Abolishing a license for foundation of the bank and its offices, or abolishing a license for certain types of business activities;
- Responsibilities and control.
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