• 12 Neglinnaya Street, Moscow, 107016 Russia
  • 8 800 300-30-00
  • www.cbr.ru
What do you want to find?

Banking licence of NCO ERP (LLC) revoked

11 February 2022
Press release

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. 384-К, Sergiev Posad of the Moscow Region, hereinafter, NCO ERP). The credit institution ranked 337th by assets in the Russian banking system.1 NCO ERP is not a member of the deposit insurance system.

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’.

The reference to the Press Service is mandatory if you intend to use this material.