The Bank of Russia has revoked as of August 8 a banking license held by Belgorod-based Severinvestbank (Registration No. 2264), the regulator’s press service reported.
Severinvestbank pursued a high-risk lending policy and failed to form adequate risk-weighted reserves against loan losses. Besides, 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, CBR’s materials showed.
The lending institution got deeply involved in large-scale suspicious transactions. The bank’s management and owners took no measures to bring its operations back to normal, the regulator specified.
Severinvestbank is a member of the national deposit insurance system.
