Banking licence of Bank IDM (JSC) revoked
By its Order No. OD-639, dated 10 April 2026, the Bank of Russia revoked the banking licence of Industry development and modernization bank (Joint-Stock Company), or Bank IDM (JSC) (Registration No. 2574, Moscow). The credit institution ranked 292th by assets in the Russian banking system.1
The Bank of Russia made this decision in accordance with Clauses 6 and 6.1 of Part 1 of Article 20 of the Federal Law ‘On Banks and Banking Activities’,2 based on the facts that Bank IDM (JSC):
- violated federal laws governing banking activities and Bank of Russia regulations, becoming subject to the regulator’s supervisory measures on a number of occasions over the past 12 months; and
- failed to comply with the laws on countering the legalisation (laundering) of criminally obtained incomes and the financing of terrorism.
Bank IDM (JSC) is not a significant lender to the real economy sector. Most of its transactions were conducted for the benefit of its shareholders and related persons. Previously, the Bank of Russia identified Bank IDM (JSC)’s transactions having signs of fraudulent conveyance, which were subsequently reported to law enforcement agencies.
Bank IDM (JSC) was actively involved in suspicious transit transactions to siphon off funds abroad and convert them into cash as well as to facilitate the purchase of undisclosed cash takings in the retail sector. Against this background, Bank IDM (JSC) neglected its duties to timely detect suspicious transactions involving customers and report them to the competent authority.
The management and owners of Bank IDM (JSC) failed to take effective measures to prevent its involvement in suspicious transactions.
The Bank of Russia also cancelled Bank IDM (JSC)’s professional securities market participant licence.
By its Order No. OD-640, dated 10 April 2026, the Bank of Russia appointed State Corporation Deposit Insurance Agency (DIA.RF) as a provisional administration to manage Bank IDM (JSC). The provisional administration will exercise its functions until a receiver3 or a liquidator4 is appointed. In accordance with federal laws, the powers of the credit institution’s executive bodies were suspended.
Information for depositors: Bank IDM (JSC) is a participant in the deposit insurance system; therefore, its depositors5 will be compensated for their deposits in the manner and amount provided for by the Federal Law ‘On the Insurance of Deposits with Russian Banks’.
Deposits are to be repaid by DIA.RF. Depositors may obtain detailed information regarding the repayment procedure 24/7 at DIA.RF’s hotline
1 According to the financial statements as of 1 April 2026.
2 The Bank of Russia made this decision because the credit institution failed to comply with federal laws governing banking activities and Bank of Russia regulations, violated the requirements stipulated by Articles 7 (excluding Clause 3 of Article 7) and 7.2 of the Federal Law ‘On Countering the Legalisation (Laundering) of Criminally Obtained Incomes and the Financing of Terrorism’ repeatedly within a year, given that the measures stipulated by the Federal Law ‘On the Central Bank of the Russian Federation (Bank of Russia)’ were taken on a number of occasions within one year.
3 In accordance with Articles 127 and 189.68 of the Federal Law ‘On Insolvency (Bankruptcy)’.
4 In accordance with Article 23.1 of the Federal Law ‘On Banks and Banking Activities’.
5 A depositor is a citizen of the Russian Federation, a foreign citizen, a stateless person, including those engaged in entrepreneurial activities, lawyers, notaries, and other individuals who opened bank accounts (deposits) to carry out professional activities stipulated by the relevant federal law, or a legal entity specified in Article 5.1 of the Federal Law ‘On the Insurance of Deposits with Russian Banks’ which concluded a bank deposit/account agreement with a bank, or any of the above persons on whose behalf the deposit was made and/or who is the holder of a savings certificate or the owner of a special account (special deposit) intended for forming and using the assets of the fund of capital repairs of common property in an apartment building opened in accordance with the requirements of the Housing Code of the Russian Federation.
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10.04.2026 08.34.00