On revocation of banking licence and appointment of provisional administration
By Order No. OD-1732, dated 11 July 2014, the Bank of Russia revoked the banking licence of the Moscow-based credit institution closed joint-stock company non-bank credit institution Ural Clearing Center or CJSC UCC (Reg. No.
The Bank of Russia took such an extreme measure — revocation of the banking licence — because of the credit institution’s failure to comply with federal banking laws and Bank of Russia regulations, repeated violations within a year of requirements of Article 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 taking into account the repeated application over the past year of supervisory measures envisaged by the Federal Law ‘On the Central Bank of the Russian Federation (Bank of Russia)’.
CJSC UCC did not comply with the requirements of the legislation on anti-money laundering and the financing of terrorism in terms of appropriate identification of its customers. The rules of internal control of the credit institution did not comply with Bank of Russia regulations. Besides, CJSC UCC was involved in large-scale dubious cashless transactions, including those in favour of non-residents.
By its Order No. OD-1733, dated 11 July 2014, the Bank of Russia has appointed a provisional administration to CJSC UCC for the period until the appointment of a receiver pursuant to the Federal Law ‘On the Insolvency (Bankruptcy) of Credit Institutions’ 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 are suspended.
As of 1 July 2014, CJSC UCC ranked 874th by assets in the Russian banking system.
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11.07.2014 00.00.00