Banking licence of Credit Company RIB revoked

By its Order No. OD-538, dated 2 April 2021, the Bank of Russia revoked the banking licence of the Moscow-based Credit Company RIB (Limited Liability Company), Credit Company RIB (Registration No. 2749-К; hereinafter, Credit Company RIB). The credit institution ranked 355^th by assets in the Russian banking system.¹ Credit Company RIB is not a member of the deposit insurance system.

The Bank of Russia made this decision in accordance with Clauses 6 and 6.1 of Part 1 of Article 20 of the Federal Law ‘On Banks and Banking Activities’,² based on the facts that Credit Company RIB:

• violated federal banking laws and Bank of Russia regulations, due to which the regulator repeatedly applied supervisory measures against it over the past 12 months;
• failed to comply with Bank of Russia regulations on countering the legalisation (laundering) of criminally obtained incomes and the financing of terrorism.

Credit Company RIB was involved in conducting non-transparent transactions for payments between individuals and illegal online casinos and bookmakers.

The Bank of Russia appointed a provisional administration³ to Credit Company RIB for the period until the appointment of a receiver⁴ or a liquidator.⁵ In accordance with federal laws, the powers of the credit institution’s executive bodies were suspended.

¹ According to the financial statements as of 1 March 2021.

² The Bank of Russia took this measure following the credit institution's failure to comply with federal banking laws and Bank of Russia regulations, repeated violations, within a year, of Bank of Russia regulations issued in accordance with the Federal Law 'On Countering the Legalisation (Laundering) of Criminally Obtained Incomes and the Financing of Terrorism', and multiple applications within one year of measures stipulated by the Federal Law 'On the Central Bank of the Russian Federation (Bank of Russia)'.

³ In accordance with Bank of Russia Order No. OD-539, dated 2 April 2021.

⁴ In accordance with Articles 127 and 189.68 of the Federal Law ‘On Insolvency (Bankruptcy)’.

⁵ In accordance with Article 23.1 of the Federal Law ‘On Banks and Banking Activities’.

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