As of September 22, 2014 the Central Bank of Russia has cancelled a banking license held by Moscow-based Spetssetstroybank (SSSB, Registration No. 3062), the regulator said in a press release.
The regulator decided to revoke the license as the lending institution failed to comply with federal banking laws and also CBR statutory acts, numerously breached during the year requirements provided for in Article 6 and Article 7 of the Federal Law “On Counteracting Legalization (Laundering) of Crime Income and Financing of Terrorist Acts”.
Based on the regulator’s data, SSSB pursued a high-risk lending policy and failed to form loan loss provisions adequate to the accepted risks.
In particular, the lending institution failed to observe requirements of anti-money laundering laws, failing to timely provide authorities with data on operations that are subject to mandatory control.
As the regulator pointed out, the financial institution got involved in large-scale suspicious transactions to transfer money abroad.
