As of May 5, 2014 the Bank of Russia has revoked a license held by Moscow-based Atlas Bank (Registration No. 3477), the Bank of Russia said in a press release.
“This decision was taken as the bank violated requirements provided for in Article 7 of the Federal Law “On Counteracting Legalization (Laundering) of Criminal Income and the Financing of Terrorist Acts”.
As the regulator emphasized, Altas Bank failed to observe requirements of anti-money laundering laws, failing to timely provide authorities with data on operations that are subject to mandatory supervision.
Furthermore, the lending institution took no measures to determine purposes or an expected nature of business relations between clients and the bank. Throughout 2013 the bank executed suspicious operations for Rub 9 bln.
Atlas Bank was not a member of the national deposit insurance system.
