Banking licence of NCO INECO LLC revoked

By its Order No. OD-1011, dated 22 May 2025, the Bank of Russia revoked the banking licence of Ivanovo-based Non-Banking Credit Organization INECO LLC, NCO INECO LLC (Registration No. 3520-К). The credit institution ranked 338^th by assets in the Russian banking system.¹

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 NCO INECO LLC:

• 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.

Over the past eighteen months, there have been numerous changes in the shareholder structure of NCO INECO LLC via the purchase of shares in amounts not requiring a prior approval by a supervisory authority. This indicates that the ownership structure is non-transparent and that attempts have been made to conceal ultimate beneficiaries.

Changes in the shareholder structure were accompanied by a considerable increase in the volume of suspicious transactions conducted by NCO INECO LLC on behalf of its customers to transfer money abroad and use funds in the grey economy.

The Bank of Russia submitted information about the credit institution’s transactions bearing signs of criminal activities to law enforcement agencies and the Federal Financial Monitoring Service.

By its Order No. OD-1012, dated 22 May 2025, the Bank of Russia appointed provisional administration to manage the credit institution. The provisional administration will exercise its functions until a receiver³ or a liquidator⁴ is appointed. In accordance with federal laws, the powers of the credit institution’s executive bodies were suspended.

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