Banking licence of NCO ERP (LLC) revoked
By its Order No. OD-285, dated 11 February 2022, the Bank of Russia revoked the banking licence from the Sergiev Posad-based Non-bank credit organization United Settlement Chamber (Limited Liability Company), or NCO ERP (LLC) (Registration No.
The Bank of Russia made this decision in accordance with Clause 6 of Part 1 of Article 20 of the Federal Law ‘On Banks and Banking Activities’,2 based on the facts that NCO ERP:
- 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 operations.
Activities of NCO ERP were mostly focused on the provision of e-commerce services. The credit institution carried out non-transparent operations, including to transfer funds abroad.
The Bank of Russia appointed a provisional administration3 to NCO ERP 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 financial statements as of 1 January 2022.
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-286, dated 11 February 2022.
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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