Banking licence of Network Clearing House revoked
By its Order No. OD-363, dated 12 March 2021, the Bank of Russia revoked the banking licence from the Kazan-based Joint-stock company Non-Bank Credit Organization ‘Network Clearing House’, or JSC NCO Network Clearing House (Registration No.
The Bank of Russia made this decision in accordance with Clause 6.1 of Part 1 of Article 20 of the Federal Law ‘On Banks and Banking Activities’,2 based on the facts that Network Clearing House:
- Violated federal banking laws and Bank of Russia regulations, due to which the regulator repeatedly applied supervisory measures against it over the last 12 months, including restrictions on a number of banking operations.
Network Clearing House was involved in conducting non-transparent transactions for payments between individuals and illegal online casinos and bookmakers.
The Bank of Russia appointed a provisional administration to Network Clearing House 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 February 2021.
2 The Bank of Russia made this decision due to the credit institution’s failure to comply with federal banking laws and Bank of Russia regulations, and given the repeated application within a year of the measures envisaged 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-364, dated 12 March 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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12.03.2021 00.00.00