Cancellation of the license held by QIWI Bank JSC has become a clear signal to credit institutions, demonstrating that the Central Bank of the Russian Federation remains vigilant. This assessment comes from Anatoly Aksakov, the chairman of the State Duma Committee on Financial Markets, who reflected on recent regulatory actions and their broader implications. The remark underscores a shift in how financial oversight is perceived and how banks must align with evolving standards of compliance and risk management. The message suggests that the regulator is prepared to take decisive steps when financial practices risk harming the integrity of the system or the interests of depositors and customers.
Aksakov has observed with some satisfaction that the regulator has not withdrawn operating licenses from banks for a considerable period. He attributed this restraint to a broader cleansing of the financial sector in Russia and the steady execution of laws by credit institutions. Yet he also warned that emerging challenges are reshaping the regulatory landscape, calling for renewed attention to governance, transparency, and accountability within the financial services industry. The parliamentarian emphasized that regulatory prudence must keep pace with new risk factors and the evolving financial ecosystem.
On February 21, the Bank of Russia made a decisive move by recalling the license of QIWI Bank JSC as a consequence of violations of financial regulation and several federal laws. The bank faced accusations of breaching rules related to money laundering and participation in activities with entities that operate outside the formal economy. The enforcement action highlighted the central bank’s focus on preventing illicit financial flows and strengthening the integrity of licensed financial providers. The decision was presented as part of a broader effort to eliminate gaps in oversight that could allow unlawful financial schemes to flourish.
Following the license revocation, the Deposit Insurance Agency, a state entity, indicated that customers of QIWI Bank JSC would start receiving insurance payments no later than March 6 of the current year. Preliminary assessments estimated the DIA’s insured liability to the depositors at approximately 4.6 billion rubles. This measure reflects the agency’s commitment to protecting small and individual depositors who may be affected by the bank’s withdrawal from the market, even as the resolution process unfolds. The information provided by the DIA served to reassure clients that their insured funds would be covered within the standard framework for deposit insurance in Russia.
Earlier statements from the Bank of Russia had touched on the topic of deposit protection and the handling of funds in electronic wallets. The central bank reaffirmed its approach to safeguarding customer assets within digital platforms and emphasized the importance of robust risk controls across payment and settlement channels. The evolving regulatory stance on digital wallets aligns with ongoing national efforts to modernize financial infrastructure while maintaining strict oversight of digital payment services and custodial arrangements. Expert commentary and official communications consistently stress that consumer protection remains a central objective of the regulatory framework, with a focus on preventing fraud, money laundering, and other illegal activities.
The case of QIWI Bank JSC thus illustrates the balance regulators seek between allowing legitimate financial services to operate and enforcing strict compliance to deter illicit activity. It also demonstrates how regulatory actions influence market behavior, encouraging institutions to strengthen internal controls, elevate governance standards, and prioritize transparency in their operations. As authorities continue to monitor licensed banks, industry observers expect ongoing adaptation to new rules, enhanced due diligence procedures, and more rigorous scrutiny of partner networks and transaction flows. The overarching aim is to preserve a stable, trustworthy financial environment that protects consumer interests while supporting lawful economic activity. The dialogue among policymakers, supervisory bodies, and market participants remains active as they navigate this changing landscape, with the central bank playing a pivotal role in maintaining confidence in the banking sector and the broader financial system. Cited authorities include the Bank of Russia and the Deposit Insurance Agency, with official statements and procedural updates guiding public understanding of the measures taken and their implications for depositors and license holders.