The Central Bank of Russia has canceled the license of QIWI Bank JSC, a move announced by the regulator through its press service.
In its statement, the regulator explained that the license removal followed violations of federal banking laws and the Central Bank’s own regulations. It also cited ongoing concerns about adherence to laws designed to prevent money laundering and the financing of terrorism.
The regulator noted that, over the past year, it has taken five actions against QIWI Bank. Two of these actions involved imposing restrictions on certain transactions, underscoring a pattern of supervisory attention and enforcement activity.
authorities described the bank’s activities as frequently connected with shadow trading practices, including fund transfers that have supported crypto exchanges, illegal online casinos, and unlicensed bookmakers.
Towards the end of January reports indicated that QIWI was in the process of divesting its business in Russia, moving to complete the asset sale within the Russian Federation. Earlier disclosures showed that the group had transferred its Russian assets to Fusion Factor Fintech Limited, a company registered in Hong Kong.
In August 2023, Qiwi Group faced a tax assessment related to excess profits, with an estimated liability of 500 million rubles.
Previously, the Central Bank had raised the key rate to a high level as part of its monetary policy adjustments, reflecting broader macroeconomic conditions at that time.