This code defines the rules
of conduct that the banks intend
to adopt in their dealings with
their private customers. It
has been drawn up by the Mongolian
Bankers Association, the industry
grouping of the licensed commercial
banks operating in Mongolia.
In this code, the term You
refers to the customer and We
to the customers bank. This
code constitutes a charter for
our customers, who shall be
able to invoke it against their
bank.
The services provided by banks
are governed by a set of laws
and regulations (e.g. Civil
code, Banking law, other laws
and Regulations issued by the
Mongolbank) and contracts (e.g.
General banking conditions,
and other agreements that you
conclude with your bank for
particular services including
loan and deposit agreements),
which together represent many
hundreds of pages of text.
The code, on the other hand,
defines the state of mind and
the attitude we wish to adopt
towards our customers and thus
represents what we consider
to be the minimum standard to
be achieved by all banks. Each
bank may, in addition, provide
more definite or more specific
standards of quality for its
own customers.
The code sets out 7
basic principles:
- Openness and clarity of
information
- Dialogue
- Discretion and confidentiality
- Expertise and know-how
- Security and reliability
- Integrity of the banking
system
- Problem resolution
These principles are followed
by a series of provisions covering
the services which banks may
offer: payments, savings and
loans, and electronic banking.
The complete text of the Code
of Conduct may be obtained from
banks themselves, or from the
Mongolian Bankers Association
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