On revocation of banking licence and appointment of provisional administration
By its Order No. OD-2467, dated 11 September 2014, the Bank of Russia revoked the banking licence from the Novosibirsk-based credit institution closed joint-stock company Non-Bank Credit Institution Siberian Settlement Center or CJSC SSC (Registration 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 the 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 SSC did not comply with the requirements of the legislation on anti-money laundering and the financing of terrorism in terms of timely notification of the authorised body about operations subject to obligatory control. The rules of internal controls of the credit institution did not comply with Bank of Russia regulations. Besides, CJSC SSC was involved in large scale dubious operations, including cash payments by the cash department.
Pursuant to its Order No. OD-2468, dated 11 September 2014, the Bank of Russia has appointed a provisional administration to CJSC SSC 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.
According to the financial statements, as of 1 September 2014, CJSC SSC ranked 853rd by assets in the Russian banking system.
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11.09.2014 00.00.00