Banking licence of Payment Standard SNCO LLC revoked
By its Order No. OD-2172, dated 25 December 2020, the Bank of Russia revoked the banking licence of the Novosibirsk-based Payment Standard Settlement Nonbank Credit Organization Limited Liability Company (Payment Standard SNCO LLC) (Reg. No.
The Bank of Russia made this decision in accordance with Clause 6.1, Part 1, Article 20 of the Federal Law ‘On Banks and Banking Activities’,2 based on the facts that Payment Standard SNCO:
- Failed to comply with the anti-money laundering and counter-terrorist financing laws.
In its operation, Payment Standard SNCO was highly involved in dubious transit operations and dubious cash-out transactions, due to which its business model may not be deemed to be viable and competitive.
The Bank of Russia appointed a provisional administration3 to Payment Standard SNCO 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 December 2020.
2 The Bank of Russia made this decision due to repeated violations during one year of the requirements provided for by Articles 6 and 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-2173, dated 25 December 2020.
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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25.12.2020 00.00.00