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Bank of Russia publishes list of companies with signs of illegal activity

1 June 2021

The list includes over 1,800 organisations and internet projects where the Bank of Russia has identified signs of a financial pyramid, an illegal creditor or a professional securities market participant.

The publication of this list is aimed at protecting consumers’ interests and will allow warning them in due time of the risks associated with such companies.

The regulator identifies illegal financial market participants using its in-house monitoring system and also based on applications of individuals and organisations. To counter illegal financial activity, the Bank of Russia blocks the websites of such companies, interacts with law enforcements and other authorised agencies, as well as with foreign regulators in order to apply other measures.

At present, the list includes companies that have been identified since 2020. Further out, the information will be regularly updated. For each company, the list gives its name, the nature of illegal activity, the website address and other information, including the date when the data were uploaded to the website.

The Bank of Russia calls on citizens to be careful and always check the legality of financial services before concluding an agreement.

‘Counteracting illegal companies is aimed at protecting the rights of citizens, financial consumers and, naturally, at maintaining the fair competition in the market. We hope that the disclosure of the names of such organisations will help consumers avoid the risk of being deceived and cleanse the market of illegal players as soon as possible. In so doing, we are looking forward to receiving support and active participation on the part of citizens. If you or your relatives come across fraud in the financial market or just happen to learn about such companies, please, do not keep silence. Report such facts to law enforcement agencies and the Bank of Russia. This information will help us counter illegal organisations more efficiently and warn people at an early stage,’ said Sergey Shvetsov, First Deputy Governor of the Bank of Russia.

Preview photo: Antoine2K / Shutterstock / Fotodom