Director, Legal Department: Mrs. Ayush D.
The Legal Department is responsible for providing legal environment for long-term effectiveness and sustainability of operations and is in charge of protecting the rights of bank consumers and depositors as well as protecting the banking system from potential risks.
Following are key aspects of the Legal Department’s functions:
- Analyze implementation of legislations and improve existing legislations;
- Cooperate with the Government, the Financial Regulatory Commission, the Banking Association and other organizations and provide opinions on draft laws;
- Provide legal acts for the purposes of ensuring banking and financial sector stability;
- То be constantly informed about draft laws discussed at the State Great Hural /the Parliament/ and provide management with information on issues that may affect banking related legislations;
- Inform the management and all departments about new legislations and information, suggestions and recommendations related to its implementation process;
- Provide legal opinion and methodological assistance on drafting of regulations as well as instructions drafted and submitted by all departments;
- Review legal basis of draft decree submitted by all departments;
- Register all agreements of the Bank of Mongolia and provide legal opinion on draft agreements and monitor correlated obligations;
- Monitor implementation of the requirements set by the Financial Action Task Force (FATF);
- Represent the Bank of Mongolia in courts and other legal bodies and participate in resolving legal disputes;
- Provide legal advice on issues between administration and employees within labor related laws and regulations and assist in improving internal labor policies and regulations;
- Organize trainings for staff and local branches;
- Cooperate with the Anti-Corruption Agency, prosecutors, police and other law enforcement agencies;
- Enrich codification and compilation of the fund of legislation and legal acts of the Bank of Mongolia;
- Protect the rights of banking consumers