Russian Central Bank Publishes List of Illegal Financial Companies

Russia’s Central Bank disclosed a database of 1.800 illegal companies operating in Russia. The regulator revealed 85 new financial pyramids in the first quarter – more than two times more than a year earlier (37). The number of new illegal forex dealers has also more than doubled from 53 to 124, Russian media write.

The database is published on the regulator’s website and will be constantly updated. These are companies with signs of a pyramid scheme, illegal lending, or illegal services for the purchase and sale of securities.

The database contains the names of companies, the nature of illegal activities, the site address, and other information, including the date the data was uploaded to the site. The database will be constantly updated not only by the efforts of the Central Bank but also based on requests from citizens and organizations,” the Deputy Chairman of the Bank of Russia Sergei Shvetsov said.

The sites of the companies from the “black list” will be marked by the fall. The Bank of Russia is negotiating labeling with search networks. In addition, the Bank of Russia, together with the Ministry of Internal Affairs, is taking measures to block fraudulent websites.