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Mongolia reconnects with global payment system www.news.mn
The Trade Development Bank became the first bank to reconnect Mongolia to the global payment system in US dollars.
Mongolia improved its rating by fully complying with 40 FATF recommendations last July. International payments were restored as a result. Previously, a number of difficulties occurred in their implementation.
Mongolia has become the first country in Asia and the Pacific region and the fifth country in the world to fully implement the 40 FATF recommendations.
The Trade and Development Bank for the first time began cooperation with the Bank of New York Mellon, a leading commercial bank in the United States, by opening a nostro account.
A nostro account is a bank account held in another country by a domestic bank, denominated in the currency of the overseas country.
Published Date:2024-01-09
