Tag: QIWI Bank

Russian Financial Watchdog Flags High-Risk Client Migration from Qiwi to Other Banks Amid Regulatory Crackdown!

Central Bank of Russia tamir -
Russia's Federal Financial Monitoring Service (Rosfinmonitoring) reported that clients involved in suspicious transactions migrate from QIWI Bank to other financial institutions. This shift comes in the wake of the CBR's decision to revoke QIWI's banking license earlier this year, citing severe violations of federal banking laws, including anti-money laundering (AML) and counter-terrorism financing (CTF) regulations.

Russia’s Central Bank Pulls the Plug on Qiwi Bank Amid High-Risk Black Market Operations

Central Bank of Russia tamir -
In an expected move, Russia's Central Bank announced the revocation of Qiwi Bank's license, citing the bank’s engagement in "high-risk operations" that catered to the black market. This development unfolds just a month after Qiwi Bank's Cyprus-based owner, the payment service provider Qiwi, unveiled its strategy to offload its Russian assets amidst efforts to maintain its listings on both NASDAQ and the Moscow Exchange (MOEX).