The Bank of Russia has revoked as of October 16 a banking license held by Kalmykia-based Creditbank (headquartered in the city of Elista, Registration No. 1035), the regulator’s press service reports.
In particular, Creditbank failed to observe requirements of anti-money laundering laws, “failing to identify and timely provide authorities with data on operations that are subject to mandatory control”, the regulator’s materials run. The bank inadequately assessed accepted risks. Moreover, the lending institution was involved in suspicious operations related to the large-scale transfer of funds abroad, the Bank of Russia specifies. The bank’s management and owners took no measures required to bring its activities back to normal.
Creditbank is a member of the national deposit insurance system.
