As of September 11, 2014 the Bank of Russia has revoked a banking license held by Moscow-based Trust Republican Bank (Registration No. 3404), the Bank of Russia said in a press release.
Trust Republican Bank’s internal control regulations in the field of counteraction of legalization (laundering) of criminal income and the financing of terrorist acts were at odds with the requirements of the Bank of Russia’s statutory acts, the regulator reported.
Besides, the bank got involved in large-scale suspicious operations as to transfer money abroad, which, based on CBR’s data, exceeded Rub 12 bln in January — August 2014. The bank’s executives and owners took no measures to bring its activities back to normal or properly organize internal control procedures, the Bank of Russia specified.
The lending institution is a member of the national deposit insurance system.
