The Central Bank of Russia (CBR) has revoked a banking licence of the YAROSLAV bank (Yaroslavl). According to the CBR, YAROSLAV regularly violated the term and procedure for submitting reports on transactions subject to mandatory control to the Federal Financial Monitoring Service. In the second half of June 2007, the volume of dubious transactions related to bank client payments for the benefit of non-residents exceeded R28 billion. These transactions involved four foreign companies registered in Britain. Funds were transferred from those companies’ accounts for the benefit of non-residents, clients of credit organizations in the Baltic States and the United States. Furthermore, over the period reviewed, more than R15b was given to clients «to buy securities», the CBR has reported. YAROSLAV is a member of the deposit insurance system. Withdrawal of a licence is an insurance event.
Source: BANKIR.RU, July 10, 2007
