OREANDA-NEWS. By its Order No. OD-1919, dated 3 August 2015, the Bank of Russia revoked the banking licence from the Astrakhan-based credit institution joint-stock company Settlements Non-bank Credit Institution Financial and Settlements Centre or JSC SNCI FSC (Registration No. 3319-R) from 3 August 2015.

The Bank of Russia took such an extreme measure - revocation of the banking licence - because of the credit institution's failure to comply with federal banking laws and Bank of Russia regulations, repeated violations within a year of the requirements of 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 Bank of Russia regulations issued in accordance with the said Federal Law, and application of supervisory measures envisaged by the Federal Law 'On the Central Bank of the Russian Federation (Bank of Russia)'.

JSC SNCI FSC violated legislation and Bank of Russia regulations on countering the legalisation (laundering) of criminally obtained incomes and the financing of terrorism in terms of notification of the authorised body about operations subject to obligatory control. The credit institution's rules of internal controls on countering the legalisation (laundering) of criminally obtained incomes and the financing of terrorism failed to meet Bank of Russia regulations. Besides, JSC SNCI FSC was involved in dubious transit operations aimed at cash withdrawal. The management and owners of the credit institution did not take measures to normalise its activities.

By its Order No. OD-1920, dated 3 August 2015, the Bank of Russia has appointed a provisional administration to JSC SNCI FSC for the period until the appointment of a receiver pursuant to the Federal Law 'On Insolvency (Bankruptcy)' or a liquidator under Article 23.1 of the Federal Law 'On Banks and Banking Activities'. In accordance with federal laws, the powers of the credit institution's executive bodies are suspended.

According to the financial statements, as of 1 July 2015, JSC SNCI FSC ranked 791st by assets in the Russian banking system.