The Bank of Russia has revoked as of September 22 a banking license held by Moscow-based First Deposit Bank (Registration No. 1244), the regulators press service reported.
First Deposit Bank conducted a high-risk lending policy and piled up no loan loss provisions adequate to the accepted risks, the regulator said. First Deposit Banks internal control regulations in the field of counteraction of legalization (laundering) of criminal income and the financing of terrorist acts did not meet the Bank of Russias requirements. The lending institution was involved in suspicious cash transactions, the Bank of Russia noted. The banks management and owners took no measures required to bring its activities back to normal.
First Deposit Bank is a member of the national deposit insurance system.