History until a certain point did not know such a thing as “authorized banks”. In the days of the rise of capitalism, the rivalry between several private banks of one country, as well as foreign ones, was free. Only the introduction of protective measures on the part of the state could limit competition.
The main factor in creating a separate category of banks is precisely a two-tier system. As a result, the division of licenses issued to commercial organizations was adopted. To date, such modernization has borne fruit in terms of the reliability of work with foreign representatives.
The concept
Authorized banks are financial institutions established in accordance with the legislation of the Russian Federation. They have the ability, on the basis of licenses of the Central Bank of the Russian Federation, to carry out operations with foreign currency.
Deciphering the term
For many readers, the usual definition does not give anything, since it uses legal terms. In simple terms, authorized banks are organizations that receive a more extended license from the Central Bank of the Russian Federation. They acquire the right to work with foreign currency and have greater confidence from the government, therefore, they are very reliable.
Obtaining a license
The banking system has two levels. At the top is, of course, the Central Bank of the Russian Federation. It is authorized by the government of the country and acts as a controller. That is, he has the right to issue licenses to other commercial organizations that occupy the lower level in this system.
The bottom line is that absolutely all organizations performing banking operations are subject to licensing. In this way, the rank of the authorized body of the bank cannot yet be awarded. That is why banking licenses issued to commercial organizations are divided into two types. The most common is the base. It contains a set of primitive (standard) operations. The rarest is a general license, which gives the right to conduct foreign exchange transactions with foreign monetary units.
Licensing procedure
Obtaining a license from the Central Bank of the Russian Federation consists of the following steps:
1. Contacting the bank and providing a list of documents:
- A statement in which you ask for a license. It should also contain a request for state registration of the organization.
- Originals or notarized copies of the memorandum of association.
- Business project of the company. It should indicate: the essence of the creation of the project, a further plan of action and development, the scope of activity (profiling). More information about the business project option can be found on the website of the Central Bank of the Russian Federation.
- Summary of prospective employees of the organization that can take leading positions: director, managing accountant, human resources department.
- Providing details on the payment of state fees and the license itself.
- Documentation that confirms that you are the owner of the building, which in the future will be converted to a bank building.
2. Next is the consideration of all documents by the Central Bank. The term will be no more than six months. Then a decision is issued that can be either positive or negative.
3. If the outcome is positive, the organization is entered in the state register of legal entities.The process is carried out within 5 working days after the submission of documents from the Central Bank. Makes it a specialized registration authority.
4. After final entry in the register, the Central Bank of the Russian Federation notifies you of this. The process can take up to three weeks inclusive.
5. Then you receive a message about the need to pay the authorized capital (the amount of money required for the activities of the registered company). You are given a month for this process.
6. Then you send the details and documents confirming payment, and the bank receives a notification of successful registration.
7. In conclusion, after the secondary processing and verification of all documents, the Central Bank of the Russian Federation issues a license to you. This action takes up to 3 weeks.
Currency operations
Currency operations of authorized banks:
- Implementation of banking processes with domestic and foreign currency (without the participation of individuals).
- Acceptance of cash deposits from individuals in any currency.
- Opening bank accounts for residents.
- All operations with foreign securities.
- Acquisition of shares in foreign banks.
- Creation of branches of your bank abroad.
Residents of authorized banks and their concept
A resident is a person (legal or natural person), who officially lives in a certain country, to which the national legislation of the state fully applies. Also, this term refers to official representatives of the Russian Federation located abroad. With rare exceptions, it is believed that residents of authorized banks are organizations of legal entities that have been registered in the Russian Federation but have branches in other countries.
Let us compare ordinary commercial banks and authorized banks of Russia. An ordinary commercial bank has all the standard rights to carry out a number of operations. Such organizations are the most common in our country. They can be treated with full confidence, since the Central Bank of the Russian Federation itself approved them.
As for authorized banks, the only difference is the possibility of conducting financial transactions with foreign representatives and foreign currency. Of course, the vesting of such rights is carried out only after extensive experience in this field, with positive feedback and a serious approach to work.
Conclusion
An authorized bank is the highest category among commercial banks that have additional rights. A general license is issued only after a serious study, at the end of which it is concluded whether these organizations can be trusted with full responsibility. After all, they are the representatives of our country in front of other states.