Aggregated News From Investment Management Regulators

Banking licence of NCO ERP (LLC) revoked

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By its Order No. OD-285, dated 11 February 2022, the Bank of Russia revoked the banking licence from the Sergiev Posad-based Non-bank credit organization United Settlement Chamber (Limited Liability Company), or NCO ERP (LLC) (Registration No. 384-К, Sergiev Posad of the Moscow Region, hereinafter, NCO ERP). The credit institution ranked 337th by assets in the Russian banking system.1 NCO ERP is not a member of the deposit insurance system.

The Bank of Russia made this decision in accordance with Clause 6 of Part 1 of Article 20 of the Federal Law ‘On Banks and Banking Activities’,2 based on the facts that NCO ERP:

  • violated federal banking laws and Bank of Russia regulations, due to which the regulator repeatedly applied supervisory measures against it over the last 12 months, including restrictions on a number of operations.

Activities of NCO ERP were mostly focused on the provision of e-commerce services. The credit institution carried out non-transparent operations, including to transfer funds abroad.

The Bank of Russia appointed a provisional administration3 to NCO ERP 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 financial statements as of 1 January 2022.

2 The Bank of Russia made this decision due to the credit institution’s failure to comply with federal banking laws and Bank of Russia regulations, and given the repeated application within a year of the 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-286, dated 11 February 2022.

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, please see the Source Link.

Regulator Information

Abbreviation: CBR
Jurisdiction: Russian Federation

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