On 21/02/2024, Alexander Linnikov gave a comment to Forbes on the consequences of one of the most resonant recent events in the Russian financial sector — the revocation of the license from QIWI Bank.
In particular, the founder of L&P stressed: “The Central Bank of Russia cites as one of the grounds for revoking the bank’s license precisely the “systematic search for ways to circumvent the restrictions imposed,” as well as violation of the requirements of the Federal Law “On Countering the Legalization (Laundering) of Proceeds from Crime and the Financing of Terrorism.” This vividly illustrates the regulator’s position that the bank should deeply know and control the activities of all its counterparties, including even micro-clients, users of electronic wallets.”
According to Alexander Linnikov, the decision of the Bank of Russia may undermine consumer confidence in the QIWI brand and other e-money operators. An important aspect is the fate of funds held in wallets and in the “Contact” system, which can become a sensitive issue for bank customers. In addition, “Contact” system was one of the few available channels for small and medium-sized businesses to settle with foreign counterparties, and its closure could have a serious impact on this sector of the economy.
