The Central Bank of Russia revoked the banking licence of Ivanovo-based Non-Banking Credit Organization INECO LLC (NCO INECO LLC), a credit institution ranked 338th by assets in the Russian banking system. The decision was based on repeated violations of federal banking laws and Bank of Russia regulations, including failures to comply with requirements on countering money laundering and terrorist financing. Over the past 12 months, the Bank of Russia repeatedly applied supervisory measures in response to breaches. The regulator also highlighted numerous changes in NCO INECO LLC’s shareholder structure over the past 18 months through share purchases below approval thresholds, indicating non-transparent ownership and attempts to conceal ultimate beneficiaries, alongside a significant increase in suspicious customer transactions involving transfers abroad and use of funds in the grey economy. Information on transactions bearing signs of criminal activity was sent to law enforcement agencies and the Federal Financial Monitoring Service. A provisional administration was appointed to manage the institution and will act until a receiver or liquidator is appointed, with the powers of the credit institution’s executive bodies suspended.
Central Bank of Russia 2025-05-22
Central Bank of Russia revokes NCO INECO LLC banking licence over repeated regulatory and AML CFT breaches
The Central Bank of Russia revoked INECO LLC's banking licence for repeated violations of federal banking laws, including non-compliance with anti-money laundering and counter-terrorist financing requirements. Non-transparent ownership changes and suspicious transactions were cited as factors. A provisional administration will manage the institution until a receiver or liquidator is designated.