Banking licence of LLC NCO Russian Financial Society revoked
By its Order No. OD-1533, dated 23 July 2021, the Bank of Russia revoked the banking licence of the Moscow-based Limited Liability Company Non Bank Credit Organization Russian Financial Society, or LLC NCO Russian Financial Society (Registration No.
The Bank of Russia made this decision in accordance with Clause 6.1 of Part 1 of Article 20 of the Federal Law ‘On Banks and Banking Activities’,2 based on the facts that NCO Russian Financial Society failed to comply with the anti-money laundering and counter-terrorist financing laws.
NCO Russian Financial Society was involved in conducting non-transparent transactions for payments between individuals and illegal online casinos and bookmakers. Furthermore, the credit institution carried out dubious cash-out transactions and money withdrawals abroad.
The Bank of Russia appointed a provisional administration3 to NCO Russian Financial Society 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 the financial statements as of 1 July 2021.
2 The Bank of Russia made this decision due to repeated violations by the credit institution during one year of the requirements provided for by Article 7 (except Clause 3, Article 7) of the Federal Law ‘On Countering the Legalisation (Laundering) of Criminally Obtained Incomes and the Financing of Terrorism’, and the requirements of Bank of Russia regulations issued in accordance with this Federal Law.
3 In accordance with Bank of Russia Order No. OD-1534, dated 23 July 2021.
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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23.07.2021 00.00.00