Banking licence of ASPECT-BANK revoked and provisional administration appointed
By its Order No. OD-809, dated 12 April 2019, the Bank of Russia revoked the banking licence from the Moscow-based credit institution Joint-Stock Bank ASPECT, or ASPECT-BANK (Registration No. 608, hereinafter, ‘Bank ASPECT’). The credit institution ranked 343rd by assets in the Russian banking system1.
The Bank of Russia took this decision in accordance with Clauses 6 and 6.1, Part 1, Article 20 of Federal Law ‘On Banks and Banking Activities’2, based on the facts that Bank ASPECT:
- failed to comply with Bank of Russia regulations on countering the legalisation (laundering) of criminally obtained incomes and the financing of terrorism. The credit institution submitted to the authorised body incomplete and incorrect information about operations subject to obligatory control;
- conducted dubious transactions with cash foreign currency and transit operations a substantial share of which was related to shadow sales of cash receipts to third parties by retail trade firms;
- violated federal banking laws and Bank of Russia regulations, making the regulator repeatedly apply supervisory measures over the last 12 months.
The Bank of Russia also cancelled Bank ASPECT’s professional securities market participant licence.
The Bank of Russia appointed a provisional administration3 to Bank ASPECT for the period until the appointment of a receiver4 or a liquidator5. In accordance with federal laws, the powers of the credit institution’s executive bodies were suspended.
Information for depositors: Bank ASPECT is a participant in the deposit insurance system, therefore depositors6 will be compensated for their deposits in the amount of 100% of the balance of funds but no more than a total of 1.4 million rubles per depositor (including interest accrued).
Deposits are repaid by the State Corporation Deposit Insurance Agency (hereinafter, the Agency). Detailed information regarding the repayment procedure can be obtained 24/7 at the Agency’s hotline
1 According to the financial statements as of 1 April 2019.
2 The Bank of Russia took this measure following the credit institution’s failure to comply with federal banking laws and Bank of Russia regulations, repeated violations, within a year, of Bank of Russia regulations issued in accordance with the Federal Law ’On Countering the Legalisation (Laundering) of Criminally Obtained Incomes and the Financing of Terrorism’, and multiple applications within one year of measures stipulated 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-810, dated 12 April 2019.
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’.
6 Depositors mean individuals, including those who are engaged in entrepreneurial activity (individual entrepreneurs), and legal entities that are considered small businesses in accordance with the Federal Law ‘On the Development of Small and Medium-sized Enterprises in the Russian Federation’.
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