By its Order No. OD-1011, dated May 22, 2025, the Bank of Russia has revoked the banking license of Ivanovo-based Non-Banking Credit Organization INECO LLC (NCO INECO LLC), which was ranked 338th by assets in the Russian banking system.
The decision was made in accordance with Clauses 6 and 6.1 of Part 1 of Article 20 of the Federal Law ‘On Banks and Banking Activities’. The Bank of Russia cited violations of federal banking laws and regulations as reasons for this action. These included non-compliance with regulations on countering money laundering and terrorism financing.
Over the past eighteen months, there have been changes in NCO INECO LLC’s shareholder structure through share purchases that did not require prior approval from a supervisory authority. This led to concerns about transparency and attempts to conceal ultimate beneficiaries.
The changes were accompanied by an increase in suspicious transactions conducted by NCO INECO LLC on behalf of customers to transfer money abroad and use funds in the grey economy. Information regarding these transactions has been submitted to law enforcement agencies and the Federal Financial Monitoring Service.
In addition, by its Order No. OD-1012, dated May 22, 2025, the Bank of Russia appointed provisional administration to manage NCO INECO LLC until a receiver or liquidator is appointed. Consequently, the powers of the credit institution’s executive bodies have been suspended according to federal laws.
