Misplaced Pages

#532467

41-677: On February 23, 2024, the United States Department of the Treasury imposed sanctions against the NSPK. This has no consequences on the territory of Russia, but may limit the use of Mir cards in other countries. In March 2014, after the U.S. imposed sanctions against Russia in connection with the annexation of Crimea , the international payment systems Visa and MasterCard for the second time in history stopped servicing cards of several Russian banks in retail outlets and ATMs of

82-443: A Continental ". The office has, since the late 18th century, been customarily referred to as the singular "Treasury", without any preceding article , as a remnant of the country's transition from British to American English . For example, the department notes its guiding purpose as "Treasury's mission" instead of "the Treasury's mission." Robert Morris was designated Superintendent of Finance in 1781 and restored stability to

123-542: A Department of Treasury, in which shall be the following officers, namely: a Secretary of the Treasury, to be deemed head of the department; a Comptroller, an Auditor, a Treasurer, a Register, and an Assistant to the Secretary of the Treasury , which assistant shall be appointed by the said Secretary. Alexander Hamilton took the oath of office as the first secretary of the treasury on September 11, 1789. Hamilton had served as George Washington 's aide-de-camp during

164-411: A box filled with U.S. currency, including a number of thousand-dollar bills, and reported it to Secretary Spinner. U.S. President Abraham Lincoln subsequently honored her with a commendation for her actions, and the federal government rewarded her with an appointment for life as a messenger with its Department of Issues. The U.S. Congress transferred several agencies that had previously been under

205-819: A presence in Crimea. According to Vedomosti , in August 2017 the software company Finastra refused to sell its SWIFT interface to the bank, effectively cutting it off from SWIFT. Because of Russian interference in Ukraine and its annexation of Crimea , the Russian National Commercial Bank is under sanctions by the European Union since July 30, 2014, Liechtenstein since July 31, 2014, Canada since August 6, 2014, Switzerland since August 27, 2014, Australia since September 2, 2014, and

246-730: A transitional remnant from British to American English . Hamilton's portrait appears on the obverse of the ten-dollar bill , while the Treasury Building in Washington, D.C. is depicted on the reverse . The history of the Department of the Treasury began in the turmoil of the American Revolution , when the Continental Congress at Philadelphia deliberated the crucial issue of financing

287-461: A war of independence against Great Britain . The Congress had no power to levy and collect taxes, nor was there a tangible basis for securing funds from foreign investors or governments. The delegates resolved to issue paper money in the form of bills of credit , promising redemption in coin on faith in the revolutionary cause. On June 22, 1775, only a few days after the Battle of Bunker Hill ,

328-689: Is a bank operating mostly in Crimea . It has over 200 branches as of 2015, making it the most widespread bank in Crimea. RNKB is based in Simferopol and owned by the Federal Agency for State Property Management . The bank was assigned an A rating by the Russian ACRA rating agency. Originally a subsidiary of VTB , it was acquired by the Crimean government weeks after the peninsula

369-533: Is a member of the Cabinet . The treasurer of the United States has limited statutory duties, but advises the Secretary on various matters such as coinage and currency production. Signatures of both officials appear on all Federal Reserve notes . The department was established by an Act of Congress in 1789 to manage government revenue . The first secretary of the treasury was Alexander Hamilton , who

410-490: Is possible due to the fact that transactions on them are processed by the National Payment Card System. At the end of 2022, NSPK's net profit according to RAS increased 2.58 times, amounting to 25.3 billion rubles. The company's revenue by the end of the year amounted to 50.3 billion rubles, assets — 69.8 billion rubles. NSPK also paid dividends of 4.9 billion rubles in 2022 to its sole shareholder,

451-621: The American Revolutionary War and was influential in the ratification of the Constitution. Hamilton's financial and managerial acumen made him a logical choice for addressing the problem of the new nation's heavy war debt . His first official act as secretary was to submit a report to Congress in which he laid the foundation for the nation's financial health. To the surprise of many legislators, he insisted upon federal assumption and dollar-for-dollar repayment of

SECTION 10

#1732790179533

492-554: The Bank of the United States , which acted as the government's fiscal agent . The Department of Treasury believes their seal was created by Francis Hopkinson , the treasurer of loans. He submitted bills to Congress in 1780 that authorized the design of department seals, including a seal for the Board of Treasury. While it is not certain that Hopkinson designed the seal, it closely resembles others he created. In 1861, Sophia Holmes became

533-695: The Department of Justice as the Bureau of Alcohol, Tobacco, Firearms, and Explosives (BATFE). The regulatory and tax collection functions of ATF related to legitimate traffic in alcohol and tobacco remained with the treasury at its new Alcohol and Tobacco Tax and Trade Bureau (TTB). Effective March 1, 2003, the Federal Law Enforcement Training Center , the United States Customs Service , and

574-529: The United States Secret Service were transferred to the newly created Department of Homeland Security ("DHS") . In 2020, the Treasury suffered a data breach following a cyberattack likely conducted by a nation state adversary , possibly Russia. This was in fact the first detected case of the much wider 2020 United States federal government data breach , which involved at least eight federal departments. The basic functions of

615-957: The Bank of Russia, which is 805 million rubles more than a year earlier. Vladimir Komlev was the CEO of NSPK from the company's foundation until the end of 2023. On January 1, 2024, he left the post. On May 29, 2024, it became known that Dmitry Dubynin would become the new head of NSPK, such a decision was made by the National Financial Board of the Central Bank of the Russian Federation. bil. roubles bil. roubles Since June 2015, all banks that are direct participants of international payment systems (IPS) send all intra-Russian authorization requests and exchange clearing messages for Visa international payment system cards through

656-561: The Continental Congress issued $ 2 million in bills; on July 25, 28 citizens of Philadelphia were employed by Congress to sign and number the currency. On July 29, 1775, the Second Continental Congress assigned the responsibility for the administration of the revolutionary government's finances to joint Continental treasurers George Clymer and Michael Hillegas . Congress stipulated that each of

697-688: The Department of the Treasury include: With respect to the estimation of revenues for the executive branch , Treasury serves a purpose parallel to that of the Office of Management and Budget for the estimation of spending for the executive branch, the Joint Committee on Taxation for the estimation of revenues for Congress, and the Congressional Budget Office for the estimation of spending for Congress. From 1830 until 1901, responsibility for overseeing weights and measures

738-574: The Fast Payment System (FPS). The system itself was launched in Russia on January 28, 2019. Russians started using FPS in offline and online stores in 2019 as well. The first payments via FPS in various services began almost simultaneously. The US Treasury Department has issued a warning that it will impose sanctions on banks and companies that continue to cooperate with the NSPK. Those financial organizations that enter into agreements with

779-489: The Mir payment system, 158 of which are issuers of payment cards. At the end of the second quarter of 2023, 228.4 million Mir cards were issued in Russia. On March 4, 2019, the Mir payment system launched Mir Pay mobile contactless payment service in Russia, which can be used by owners of any Android smartphones (starting from version 6.0) with NFC technology support. The NSPK is the operational and payment clearing center of

820-436: The NSPK "risk supporting Russia's efforts to circumvent U.S. sanctions ," the department said. The first head of the NSPK, Vladimir Komlev, is under US personal sanctions. On February 23, 2024, the NSPK was placed on the U.S. blocking sanctions list because the center is "responsible for both domestic Russian transactions and international transactions. It helps the Russian Federation circumvent sanctions and remain connected to

861-567: The NSPK announced the issuance of the first Mir cards by seven Russian banks. In 2017, the National Payment Card System became a member of the Payment Card Industry Security Standards Council (PCI SSC). In 2022, due to Russia's invasion of Ukraine , Visa, Mastercard, and American Express suspended their operations in Russia, as a result: However, Visa, Mastercard and American Express cards issued by Russian banks continue to work in Russia. This

SECTION 20

#1732790179533

902-581: The Operational and Payment Clearing Center (OPCC) of the NSPK. Since April 1, 2015, all banks' transactions on MasterCard cards have been carried out through the NSPK processing. In July 2015, NSPK and MasterCard entered into an agreement to issue co-branded cards under the Mir and Maestro brands. In December 2015, Gazprombank issued Mir-Maestro cards. In September 2016, Russia's National Payment Card System and China's Union Pay payment system agreed to issue joint bank cards. The corresponding agreement

943-720: The aegis of the Treasury Department to other departments as a consequence of the September 11 attacks . Effective January 24, 2003, the Bureau of Alcohol, Tobacco and Firearms (ATF), which had been a bureau of the department since 1972, was extensively reorganized under the provisions of the Homeland Security Act of 2002 . The law enforcement functions of ATF, including the regulation of legitimate traffic in firearms and explosives , were transferred to

984-565: The colonies contribute to the Continental government's funds. To ensure proper and efficient handling of the growing national debt in the face of weak economic and political ties between the colonies, the Congress, on February 17, 1776, designated a committee of five to superintend the treasury, settle accounts , and report periodically to the Congress. On April 1, a Treasury Office of Accounts, consisting of an auditor general and clerks ,

1025-467: The country's $ 75 million debt in order to revitalize the public credit : "[T]he debt of the United States was the price of liberty. The faith of America has been repeatedly pledged for it, and with solemnities that give peculiar force to the obligation." Hamilton foresaw the development of industry and trade in the United States, suggesting that government revenues be based upon customs duties . His sound financial policies also inspired investment in

1066-579: The finances of the confederation of former colonies until September 1789. The First United States Congress convened in New York City on March 4, 1789, marking the beginning of government under the U.S. Constitution . On September 2, 1789, Congress created a permanent institution for the management of government finances: Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That there shall be

1107-534: The first Black woman to be employed by the Treasury Department and by the Federal government of the United States when Senator Henry Wilson , James G. Blaine and others advocated for her hiring as a janitor under Secretary of the Treasury Francis Spinner . She was paid fifteen dollars per month. In 1862, she prevented a major theft from the department of more than $ 200,000 when she came across

1148-413: The formulation of policy and management of the department as a whole, while the operating bureaus carry out the specific operations assigned to the department. The Treasury Department has authorized a budget for Fiscal Year 2024 of $ 16.5 billion. The budget authorization is broken down as follows: In the latest Center for Effective Government analysis of the fifteen federal agencies that receive

1189-538: The international financial system." United States Department of the Treasury The Department of the Treasury ( USDT ) is the national treasury and finance department of the federal government of the United States , where it serves as an executive department . The department oversees the Bureau of Engraving and Printing and the U.S. Mint . These two agencies are responsible for printing all paper currency and minting coins , while

1230-553: The international network. The preparation of amendments to the Federal Law "On the National Payment System" was initiated in order to infrastructurally and informationally enclose the process of money transfers within Russia. On July 23, 2014, the joint-stock company National Payment Card System (NSPK JSC) was established with two tasks: Vladimir Komlev, who previously headed United Credit Card Company (UCS),

1271-622: The logo, finalized by Plenum Brand Consultancy, was presented on July 16, 2015. In October 2015, the rules and tariffs of the Mir payment system were published on the NSPK website. According to the Russian central bank, they provide for lower prices compared to IPS, as well as the absence of commission for intrabank turnover. The open issuance of the "Mir" payment system cards began on December 15, 2015. The first issuing banks were Gazprombank , MDM Bank , RNKB , Bank Rossiya , Svyaz-bank, MINBank, and SMP Bank. As of February 2023, 233 banks joined

Russian National Card Payment System - Misplaced Pages Continue

1312-431: The most Freedom of Information Act FOIA requests, published in 2015 (using 2012 and 2013 data, the most recent years available), the treasury failed to earn a satisfactory overall grade. Russian National Commercial Bank Russian National Commercial Bank ( Russian : Российский национальный коммерческий банк ; Ukrainian : Російський національний комерційний банк ; Crimean Tatar : Русие миллий тиджарет банкы )

1353-418: The nation's finances. Morris, a wealthy colonial merchant , was nicknamed "the financier" because of his reputation for procuring funds or goods on a moment's notice. His staff included a comptroller , a treasurer , a register , and auditors , who managed the country's finances through 1784, when Morris resigned because of ill health. The treasury board, consisting of three commissioners, continued to oversee

1394-485: The treasury executes currency circulation in the domestic fiscal system. It collects all federal taxes through the Internal Revenue Service ; manages U.S. government debt instruments ; licenses and supervises banks and thrift institutions ; and advises the legislative and executive branches on matters of fiscal policy . The department is administered by the secretary of the treasury , who

1435-577: Was annexed by Russia. While the bank has no formal ties to the VTB Group, its establishment as a separate entity was seen as a way to avoid the effect of sanctions . The Russian National Commercial Bank took over numerous branches of banks that retreated from Crimea following Russia's Annexation thus making it the largest banking network in Crimea. The bank has issued over a million Mir payment cards as of April 2017. Major companies such as Visa and MasterCard are barred from issuing cards to banks with

1476-499: Was appointed CEO of the NSPK JSC. Since April 2015, all domestic MasterCard transactions have been fully transferred to the NSPK processing. Cards of international payment systems became operational in Crimea. In June 2015, all domestic Visa transactions were finally transferred to the NSPK processing. The NSPK signed several agreements on joint issuance of co-branded cards with international payment systems: On December 15, 2015,

1517-558: Was carried out by the Office of Standard Weights and Measures under the auspices of the Treasury Department. After 1901, that responsibility was assigned to the agency that subsequently became known as the National Institute of Standards and Technology . The Department of the Treasury is organized into two major components: the departmental offices and the operating bureaus. The departmental offices are primarily responsible for

1558-580: Was established to facilitate the settlement of claims and to keep the public accounts for the government of the United Colonies. With the signing of the Declaration of Independence on July 4, 1776, the newborn republic as a sovereign nation was able to secure loans from abroad. Despite the infusion of foreign and domestic loans, the united colonies were unable to establish a well-organized agency for financial administration. Michael Hillegas

1599-401: Was first called Treasurer of the United States on May 14, 1777. The Treasury Office was reorganized three times between 1778 and 1781. The $ 241.5 million in paper Continental bills devalued rapidly. By May 1781, the dollar collapsed at a rate of from 500 to 1000 to 1 against hard currency . Protests against the worthless money swept the colonies, giving rise to the expression " not worth

1640-512: Was signed on September 14 in Shanghai , and the first cards were issued in July 2017 by Rosselkhozbank . There were a number of Mir-JCB co-branded cards on the market. Such cards were issued by Gazprombank, Rosselkhozbank, Almazergienbank, and Far East Bank. In April-May 2015, in a nationwide creative contest "Mir" was chosen as the name and logo of the national payment system. The final version of

1681-514: Was sworn into office on September 11, 1789. Hamilton was appointed by President George Washington on the recommendation of Robert Morris , Washington's first choice for the position, who had declined the appointment. Hamilton established the nation's early financial system and for several years was a major presence in Washington's administration . The department is customarily referred to as "Treasury", solely, without any preceding article –

Russian National Card Payment System - Misplaced Pages Continue

#532467