On revocation of banking licence from non-bank credit institution UMUT and appointment of provisional administration
By Order No. OD-777, dated 29.03.2018, effective from the same date, the Bank of Russia revoked the banking licence of the Khasavurt-based credit institution LIMITED LIABILITY COMPANY SETTLEMENT NON-BANK CREDIT INSTITUTION UMUT, further referred to as the credit institution (Registration No.
The credit institution was found to have operated with multiple violations of law on countering the legalisation (laundering) of criminally obtained incomes and the financing of terrorism specifically pertaining to the completeness and accuracy of information the credit institution submitted to the authorised body about operations subject to obligatory control. Moreover, in 2017 Q4, the credit institution was involved in the conduct of dubious transit transactions; there arose a real threat to its creditors’ interests.
The Bank of Russia took supervisory actions against the credit institution on more than one occasion.
The management and owners of the credit institution failed to take effective measures to normalise its activities. Under the circumstances the Bank of Russia took the decision to withdraw the credit institution UMUT from the banking services market.
The Bank of Russia took this measure because of the credit institution’s failure to comply with federal banking laws and Bank of Russia regulations, repeated violations within a year of requirements stipulated by Article 7 (excluding Clause 3 of Article 7) of the Federal Law ’On Countering the Legalisation (Laundering) of Criminally Obtained Incomes and the Financing of Terrorism’ as well as Bank of Russia regulations issued in accordance with the said law and application of the measures stipulated by the Federal Law ’On the Central Bank of the Russian Federation (Bank of Russia)’, taking into account a real threat to the interests of creditors.
By its Order No. OD-778, dated 29.03.2018, the Bank of Russia appointed a provisional administration to the credit institution UMUT 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 have been suspended.
The reference to the Press Service is mandatory if you intend to use this material.