Aggregated News From Investment Management Regulators

Banking licence of Commercial Bank FinTech (LLC) revoked

Report/Flag

Please complete the required fields.



By its Order No. OD-2053, dated 11 December 2020, the Bank of Russia revoked a banking licence from the Moscow-based Commercial Bank FinTech (Limited liability company), or Commercial Bank FinTech (LLC) (Registration No. 3499, hereinafter, the Bank). The credit institution ranked 241st 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 the Bank:

  • violated federal banking laws and Bank of Russia regulations, due to which the regulator repeatedly applied measures against it over the past 12 months, which included two instances of imposing restrictions on certain banking operations;
  • failed to comply with the anti-money laundering and counter-terrorist financing laws.

The Bank specialised in conducting non-transparent operations aimed at servicing the organisers of illegal online gambling activities. In addition, the credit institution repeatedly violated the restrictions imposed by the regulator on conducting certain types of operations.

The Bank of Russia appointed a provisional administration to Commercial Bank FinTech (LLC)3 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 took this decision due the credit institution’s failure to comply with federal banking laws and Bank of Russia regulations, repeated violations within one year of the requirements stipulated by 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 the requirements of Bank of Russia regulations issued in compliance with the indicated Federal Law, and taking into account repeated applications within one year of measures envisaged by the Federal Law ‘On the Central Bank of the Russian Federation (Bank of Russia)’.

3 In accordance with Bank of Russia Order No. OD-2054, dated 11 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’.

This news item was originally published by the Central Bank of the Russian Federation (CBR RU). For more information, see the Source Link.

Regulator Information

Abbreviation: CBR
Jurisdiction: Russian Federation

Recent Articles

ESMA issues its first opinion on the draft European Sustainability Reporting Standards

See the content published by the European Securities and Markets Authority (ESMA) here: Read more

Adjudication Order in respect of Mr S.A. Amudan in the matter of Varun Global Limited and Varun Resources Limited

This news item was originally published by the Securities and Exchange Board of India (SEBI IN). See the article here: Read more

Adjudication Order in respect of Balram Agarwal, Ashish Bansal and Naresh Kumar Bansal in the matter of A.F. Enterprises Ltd.

This news item was originally published by the Securities and Exchange Board of India (SEBI IN). See the article here: Read more

Final Order in the matter of Delta Leasing and Finance Ltd.

This news item was originally published by the Securities and Exchange Board of India (SEBI IN). See the article here: Read more

Corrigendum to the Order Dated January 30, 2023 in the matter of Ricoh India Ltd.

This news item was originally published by the Securities and Exchange Board of India (SEBI IN). See the article here: Read more

Get the latest from Regulatory.News in your inbox!

×