Advisor to the Central Bank

Financial intelligence will be able to initiate the revocation of licenses from banks

The Federal Service for Financial Monitoring may be legally assigned the right to initiate the procedure for revoking licenses from Russian banks. The head of the Duma Committee on Financial Markets and Credit Organizations Vladislav Reznik and Senator Dmitry Ananyev plan to submit a corresponding bill to the State Duma this week. This bill has not yet received support from the Bank of Russia, which now alone makes the decision to revoke licenses from credit institutions.

As Mr. Reznik told Vremya Novostey yesterday, the FSFM, in accordance with the bill, will be able to initiate the procedure for revoking a license, that is, contact the Central Bank with appropriate proposals in the event that a credit institution has repeatedly violated the law “ On Combating the Laundering of Proceeds from Crime” , and financing of terrorism,” which resulted in the application of administrative penalties. The final decision will still be made by market regulators. According to the deputy, although Rosfinmonitoring coordinates all anti-money laundering activities, it does not take part in the process of considering the issue of revoking a license.

The bankers interviewed by Vremya Novostei refused to comment on the bill, citing the fact that they had not seen the document. At the same time, market participants note that, in fact, the FSFM has long been actively involved in the process of revoking licenses, sending documents to the Central Bank indicating banking violations. As you know, it is precisely because of violations of the anti-money laundering law that the Central Bank has been revoking licenses from credit institutions over the past few years.

The prepared bill did not cause joy in the Central Bank. As Mr. Reznik said yesterday, he discussed the document with some members of the board of directors of the Bank of Russia. “They are not very happy with the bill. The regulator is used to making decisions on revoking licenses alone. The Central Bank believes that the more powers it has, the better it is for the market. I don’t think so,” he told Vremya Novostey. Let us note that a year ago, deputies, in particular Mr. Reznik, proposed to completely deprive the Central Bank of supervisory functions and transfer them to another state structure, Rosfinmonitoring, for example.

Natalia ROMANOVA