The Bank of Russia has revoked as of November 26 a banking license held by Moscow-based BVA Bank (Registration No. 1684), the regulator’s press service reported.
BVA Bank pursued a high-risk lending policy by investing the money in poor quality assets. The lender’s 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 Russia’s requirements, the regulator specifies. Moreover, throughout 2013 and 2014 the lending institution was involved in large-scale suspicious operations related to the transfer of funds abroad. The bank’s management and owners took no measures required to bring its activities back to normal, CBR’s materials show.
BVA Bank is a member of the national deposit insurance system.
