On Friday the Central Bank of Russia has cancelled a banking license held by Moscow-based Taurus Bank (Registration No. 655), the regulator's press service reported.
As the Bank of Russia noted, Taurus Bank violated federal laws regulating banking activities, and also its statutory acts.
"Taurus Bank conducted a high-risk lending policy, piled up no loan loss provisions adequate to the accepted risks and failed to fulfill demands of an order issued by the supervisory body with regard to the restrictions imposed on separate banking operations. In addition, throughout 2014 and January — March 2015 the lending institution was involved in suspicious transit operations, and also in those to transfer large amounts abroad," the regulator's press service noted, adding the bank's executives and owners took no measures required to bring its activities back to normal.
Taurus Bank is a member of the national deposit insurance system.
Banki.ru readers previously said that clients of Taurus Bank's Moscow office were unable to take back their money from deposit accounts. For instance, a Taurus Bank client wrote that she was unable to receive her money within two weeks. "Under the terms of the Vyshe net deposit account opened on December 26, 2014 the bank is required to return funds to the client at his or her first request. I came to the bank on April 6, 2015 and demanded to give my money back, but was said to wait until encashment procedures are complete and that I can come again and take my money on April 9. On this day I came to Taurus Bank's Moscow office in the Krapivensky Pereulok, but I did not get my money because the bank had encashment problems. Since then I've been trying in vain to take back the money held on my deposit account," she said. Other Banki.ru readers also mentioned similar problems.
