Banking licence of SNBCO JSC Narat revoked

By its Order No. OD-982, dated 28 May 2021, the Bank of Russia revoked the banking licence of the Kazan-based Settlement Non-bank Credit Organization Joint Stock Company Narat, or SNBCO JSC Narat (Registration No. 1902-К; hereinafter, SNBCO Narat). The credit institution ranked 388^th by assets in the Russian banking system.¹ SNBCO Narat 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 SNBCO Narat:

• violated federal banking laws and Bank of Russia regulations, due to which the regulator repeatedly applied measures against it over the past 12 months, which included restrictions on certain banking operations;
• failed to comply with the anti-money laundering and counter-terrorist financing laws.

SNBCO Narat  was involved in conducting non-transparent transactions for payments between individuals and illegal online casinos and bookmakers, including using P2P transfers, as well as dubious transit operations.

The Bank of Russia appointed a provisional administration³ to SNBCO Narat 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 May 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-983, dated 28 May 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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28.05.2021 00.00.00