Yandex fined $1,500 for inappropriate financial services advertising
MOSCOW, June 13 (RAPSI) – The Russian Federal Antimonopoly Service (FAS) has fined Yandex 100,000 rubles ($1,500) for inappropriate advertising of financial services, the watchdog’s statement reads.
Moreover, the watchdog has issued a warning to iProfit Agency in this case.
In April, the FAS commission found advertisement of Tcompany Online Limited services inappropriate. iProfit Agency distributed the paid search of the company’s financial services for taking household funds on deposits through Yandex.Direct.
As the watchdog revealed, Tcompany Online Limited is not included both in the list of financial organizations registered in Russia and the register of representative offices of foreign depository institutions. Therefore, the company is not a bank of a representative office of a foreign financial organization, and it may not legally take Russians’ household funds on deposits, according to the FAS statement.
Thus, the advertiser violated a provision of the advertising law prohibiting advertisement of goods and services with no necessary licenses or permissions, the watchdog states.