The Bank of Mongolia's Regulation on Bank Unit repeals article 18 of the Banking Law of Mongolia. The decree regulates the procedure for the issuing a permission to create a bank unit in Mongolia and abroad. The regulation outlines the requirements to establish a bank branch, settlement center, representative office of a foreign bank, and a bank unit in a foreign country, as well the procedure for the suspension, rejection and repealing of a permission. In addition, the regulation describes the control and responsibilities of a bank unit to maintain the granted permission, such as quarterly reporting and possible bank examinations.
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