On revocation of banking licence from LOGOS bank and appointment of provisional administration
By Order No. OD-1032, dated 20 April 2018, the Bank of Russia revoked the banking licence of the Moscow-based credit institution Limited Liability Company Innovative and Commercial Bank LOGOS, or LLC ICB LOGOS (Registration No. 3233) from 20 April 2018. According to the financial statements, as of 1 April 2018, the credit institution ranked 514th by assets in the Russian banking system.
The operations of LLC ICB LOGOS were found multiple times to be non-compliant with the law and Bank of Russia regulations on countering the legalisation (laundering) of criminally obtained incomes and the financing of terrorism connected with the failure to comply with the obligation of detecting operations subject to obligatory control and to provide to the authorised body reliable information in time. The inspections also revealed that the credit institution carried out currency exchange transactions which were not recorded in accounting and statements submitted to the Bank of Russia. LLC ICB LOGOS was found multiple times to carry out these transactions without obligatory identification of retail customers. Moreover, the bank was involved in suspicious transit operations in 2018.
The Bank of Russia repeatedly applied supervisory measures against LLC ICB LOGOS, which included restrictions (on two occasions) to carry out certain transactions, including household deposit taking.
The management and owners of the bank failed to take any effective measures to normalise its activities. Under the circumstances the Bank of Russia took the decision to withdraw LLC ICB LOGOS from the banking services market.
The Bank of Russia took this decision due to the credit institution’s failure to comply with federal banking laws and Bank of Russia regulations, repeated violations within one year of the requirements stipulated by Articles 6 and 7 (except for Clause 3 of Article 7) of the Federal Law ‘On Countering the Legalisation (Laundering) of Criminally Obtained Incomes and the Financing of Terrorism’, and the requirements of Bank of Russia regulations issued in pursuance thereof, and taking into account repeated applications within one year of measures envisaged by the Federal Law ‘On the Central Bank of the Russian Federation (Bank of Russia)’.
By its Order No. OD-1033, dated 20 April 2018, the Bank of Russia appointed a provisional administration to LLC ICB LOGOS for the period until the appointment of a receiver pursuant to the Federal Law ‘On Insolvency (Bankruptcy)’ or a liquidator under Article 23.1 of the Federal Law ‘On Banks and Banking Activities’. In accordance with federal laws, the powers of the credit institution’s executive bodies have been suspended.
LLC ICB LOGOS is a member of the deposit insurance system. The revocation of the banking licence is an insured event as stipulated by Federal Law No.
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