Excluded Categories

Excluded Categories

The following accounts are not eligible for insurance.

  • Under section 1 of the law against money laundering and terrorism, an individual’s account with no name, serial account, or using a fake name;
  • An account certificate with no name or other nameless financial instruments;
  • An account that will not be compensated for the stated amount.
  • Please be aware that if any of your accounts are not included in the coverage, insurance protection will not be extended to you by the law.

The accounts of the following entities are not eligible for deposit insurance.

  • Bank
  • State entities, local administrative bodies, and organizations for local self-governance;
  • Compulsory health, pension, and social insurance funds;
  • The concerned individual from the bank as outlined in Article 3, Section 3.1.2 of the Banking Law;
  • An auditor or auditing entity that inspected the bank's financial statements three years prior to the insured event occurring;
  • According to Mongol Bank’s supervision report, account holders that contributed to the decrease in financial performance of the Bank, and account holders that were given financial advantage by the Bank:
    • Received a much lower interest rate compared to other account holders;
    • Received a much lower interest rate compared to other account holders;
    • At the instance of the insurance event, according to the Bank of Mongolia's statistics, depositors received an interest rate exceeding 50 percent of the average rate;
  • Funds deposited into specialized investment banks.

Deposit insurance reimbursement will not be made to the abovementioned individuals. However, depositors whose transactions have been sealed or suspended, will only be reimbursed if the decision to seal or suspend has been revoked.

(Note: This refers to Article 7 of the Bank Deposit Insurance Law)


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