The PR Department of the Bank of Russia said it revoked banking licenses held by Bank Stolypin (Moscow) and Settlement Chamber MRS (Moscow). The licenses were cancelled as the companies failed to comply with federal laws regulating banking activities and CBR statutory acts, and violated several times within a year requirements of the Federal Law “On Counteracting Legalization (Laundering) of Income Derived Using Criminal Means and Financing of Terrorist Acts”, and taking into account supervisory measures taken on numerous occasions.
Bank Stolypin failed to submit to Rosfinmonitoring information about operations subject to mandatory control, violated the payment discipline and requirements for mandatory reserves, and also disregarded requirements of CBR regulations. The lending institution has virtually terminated its activities. In April and within the first ten days of May the bank’s clients transferred funds equal to around Rub 3.2 bln to non-residents under queer transactions involving goods and services. Payees under these transactions were mainly offshore and UK-registered companies — clients of Cypriot, Latvian and Kyrgyz banks. Furthermore, during this period the lending institution performed operations with its clients for over Rub 500 mln that have signs of operations when funds were converted into cash, the PR department reported.
Settlement Chamber MRS failed to timely direct to Rosfinmonitoring information about operations subject to mandatory control. Moreover, the lending institution did not comply with the deadline for submitting financials to the Bank of Russia. From December 2008 through April 2009 a big group of the company’s clients wired more than $230 mln and Rub 2.5 bln to non-residents under queer transactions with goods and advisory agreements. Payees under these transactions were mainly offshore and UK-registered companies — clients of Latvian, Cypriot, UAE, Turkish and Estonian banks," CBR pointed out.
Temporary administrations were introduced at both lending institutions until a bankruptcy manager or a receiver is appointed. The powers and authority of the lending institutions’ executive bodies were suspended in accordance with federal laws.
