RUSSIA

Central Bank of Russia revoked licenses from two banks related to illegal gambling business

On December 11, 2020, the Central Bank of the Russian Federation revoked the licenses of two banks whose activities were related to servicing illegal online casino operators.

The Central Bank of Russia revoked the licenses of Fintech Bank (Moscow) and Onego Bank (Petrozavodsk). Financial institutions violated the laws of the Russian Federation on combating money laundrering.

It turned out that the Fintech bank carried out non-transparent transactions to service the organizers of illegal online gambling in the country.

Bank Onego was also involved into similar offenses. The financial institution carried out non-transparent operations in favor of illegal online casinos, bookmakers and sweepstakes. And also, noted in the press service of the Central Bank, the financial institution was withdrawing money abroad.

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