On February 21, the Central Bank of Russia revoked Qiwi Bank’s banking license. This is the first time a banking license has been revoked since August 2022.

The Central Bank of Russia revoked the license of Qiwi Bank

The bank violated federal laws and failed to comply with the regulator’s requirements, resulting in action being taken against it five times over the past year, including restrictions on certain transactions twice.

Furthermore, according to the Central Bank, Qiwi Bank often violated the requirements of anti-money laundering legislation. The regulator also notes “numerous cases of banks opening Qiwi wallets using personal data of people without their knowledge and carrying out transactions with them.”

Amid reports of license revocation, the price of Qiwi global depositary receipts (GDR) traded on the Moscow Exchange decreased by 25% to 360.5 rubles per value.

Replenishing a Qiwi wallet after the bank’s license was revoked became unavailable. The Contact payment system, owned by the Qiwi group, has stopped working normally. The service allows you to make transfers abroad.

The RB.RU press service reported that they received information from the Central Bank. There is currently temporary management working at Qiwi Bank. The company promised to inform all interested parties as soon as possible. The business of the Qiwi group of companies, which is not related to the bank’s activities, is operating as usual, they added.

  • In July 2023, Qiwi Bank limited fund transfers and cash withdrawals to individuals at the request of the Central Bank of the Russian Federation. The regulator has complaints about reports and documentation. Qiwi Bank users could not withdraw money from their wallet through SPB, transfer money from their wallet through Contact, or repay a bank loan, except for loans from microfinance organizations.

Author:

Karina Pardaeva

Source: RB

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I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.

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