State-run corporation Deposit Insurance Agency (DIA) said that UniverBank was excluded from the list of lending institutions that participate in the national deposit insurance system due to a record made in the Unified State Register for Legal Entities about its liquidation on the basis of a court ruling. This means that presently 932 banks are on this list.
For the record, the Central Bank of Russia cancelled UniverBank’s license on August 24, 2006. The lending institution’s license was stripped because of the bank’s non-fulfillment of the federal laws that govern banking activities and CBR statutory acts, the violation of the Federal Law «On Counteracting the Legalization (Laundering) of Earnings Derived Using Criminal Means and the Funding of Terrorism» and also the numerous application of the measures as part of supervisory procedures. The bank broke laws and statutory acts of the Bank of Russia on counteraction of the legalization of earnings derived using criminal means, including the failure to timely submit to the Federal Financial Monitoring Service reports about operations that are subject to mandatory control. Violations were identified in the bank’s accounting and settlement procedures, for which the central bank took respective actions on numerous occasions. What’s more, the bank got involved in suspicious transactions.
