The Bank of Russia has limited the transfers to subsidiary of an Italian Bank Intesa

The Central Bank imposed in the Bank “Intesa” restrictions on transfers of funds from citizens and companies, the validity of restrictions from 18 December 2015 to 18 June 2016. This was told by a source in the banking market, which received information from the Supervisory unit of the Central Bank. Information on existing in the Bank to limit its employee confirmed, adding that the regulator has set limits on transfers between legal entities due to the large volume of transit operations. “Now the volume of such transactions decreased, and the limit is quite comfortable and does not interfere with the work of the Bank,” he adds.

Transit operations are transfers of funds between clients, unrelated to their economic activities. The purpose of such operations is the use of the funds received as a result of the transfer, for any illegal purposes (bribes, black wages, etc.)

The press service of the Bank “Inteza” in response to the request is not confirmed nor denied the information about the restriction. It only said that “to date, the Bank shall make all payments in rubles and foreign currency (inbound and outbound) within the framework of the current legislation in full”.

Reporting in accordance with IFRS for the year 2015 the Bank “Intesa” reported that in December 2015, the Bank received comments from the regulator in the “incomplete compliance of the internal control system to the requirements of the Central Bank in the field of monitoring, control and internal reporting on customer transactions”. Now the Bank is obliged to provide the Central Bank with additional information on individual customers, says the report.

JSC “Banca Intesa” is a subsidiary Bank of the Italian financial group Intesa Sanpaolo. The main activities — lending and maintaining accounts of legal entities from large corporate clients to small and medium businesses. According to the data on February 1, the Bank took 81-th place by assets (77.6 billion USD). The deposits of individuals the Bank is 12% (9.4 billion rubles), funds of legal entities — 24% (18.7 billion rubles), funds with MBC — 27% (21.3 billion rubles), bonds — 6% (5 billion rubles). Loans to legal entities amount to 46 billion roubles loans to individuals — 3 billion rubles.

The Bank could attract the attention of the regulator due to the fact that the amount of the accounts of the enterprises of small and average business, as this category of clients bear higher risks in the part of transit operations, says Fitch analyst Anton Lopatin.

“As a rule, the regulator imposes limits on the volume of client payments, when there was a good reason, says managing partner of the National Agency for financial studies Paul Samiev. Is a serious thing, which means that the Central Bank has noticed a significant volume of transit operations.” However, according to him, the Bank is not always able to separate the dubious from operations nesomnennyj. “It is often a good operation look suspicious, but if you look, they are normal,” says Samiev.

“There are operations that really fall into the category of transit and the Bank may refuse the client in its conduct, and there are operations that can be suspicious only as a formality due to the nature of the business. And there is a risk to lose a client because of a failure in the transfer of funds may miss out on some deal,” explained the representative of the financial monitoring service of the Bank of the top 15,

According to him, the track transit operations the Bank is easy, if the internal system allows to recognize them automatically. However, if the system does not meet the requirements, the number and volume of transit operations be beyond the Bank’s control, in this case, the credit organization you need to change technology platform, he says.

“If the Bank does not correct the problem, usually this is followed by restrictions on acceptance of deposits, non-performance of obligations to clients, disconnecting from a BESP and the revocation of the license. But in most cases, banks are trying to react to a comment by the Central Bank,” adds the employee of the Bank from the top-15.