The Bank of Russia has cancelled a banking license held by Urals Settlement Chamber (Registration No. 3326-R, Moscow). Relevant information was posted on the regulator’s website.
As the regulator pointed out, the financial institution to comply with federal laws regulating banking activities and also the Bank of Russia’s statutory acts in the area of measures to counteract the legalization (laundering) of criminal income and the financing of terrorist acts as to take proper action to identify clients. The bank’s internal control regulations did not comply with the requirements of the Bank of Russia’s statutory acts. Furthermore, the lending institution got involved in large-scale suspicious non-cash transactions, including non-resident companies.
In line with the Bank of Russia’s order a temporary administration team was appointed until a receiver or a liquidator is appointed. In accordance with federal laws the powers and authority of the lending institution’s executive bodies were suspended.
