As of August 28, 2014 the Central Bank of Russia has cancelled a banking license held by Makhachkala-based Bank Mesed (Registration No. 184), the regulator’s press service reported.
The Bank of Russia specified that the bank pursued a high-risk lending policy by investing the money in poor quality assets. In addition, Bank Mesed failed to comply with the requirements of anti-money laundering laws “related to the proper measures of client identification”. The lending institution’s internal control regulations did not meet the requirements of CBR’s statutory acts. The bank’s management and owners took no measures required to bring its activities back to normal, the regulator noted.
The bank is not a member of the deposit insurance system.
