The Bank of Russia revoked a banking license held by Moscow-based Printbank, the regulator said in a press release.
The Bank of Russia noted the bank’s license was cancelled since October 25. Printbank is a member of the deposit insurance system.
“The decision to revoke the bank’s license was adopted as Printbank violated many times within a year the requirements provided for in Article 7 of the Federal Law “On Counteracting Legalization (Laundering) of Criminal Income and the Financing of Terrorist Acts”. The bank failed to meet the requirements of legislation in respect of the measures to counteract legalization (laundering) of criminal income and the financing of terrorist acts by performing proper identification of its clients and their beneficial owners, and also by updating client information. In addition, the lending institution got involved in large-scale suspicious transactions. Furthermore, Printbank’s internal control regulations did not comply with the Bank of Russia’s requirements," the Bank of Russia’s press service noted.
As DIA’s PR center told Banki.ru, the bank’s every deposit holder would be paid as soon as possible insurance indemnity as provided for in the Federal Law “On Insuring Retail Deposits Held at Russian Banks”.
Payments will begin no later than November 8. DIA emphasized that due to the modest size of payments compensation applications will be accepted and the money will be paid directly by the agency without retaining any agent bank.
Within seven days from the day of receipt of a register of obligations to deposit holders from Printbank DIA will submit it for publication in the Vestnik Banka Rossiyi and the Moskovskaya Pravda, and will also post on its website an official announcement for Printbank’s deposit holders about the place, time, the form and the manner of providing applications to obtain insurance indemnity. All deposit holders to be established under the register will later be given notice of this via official letters to be posted.
