The Bank of Russia has revoked as of April 24, 2015 a banking license held by Moscow-based Commercial Bank Edinstvenny (Registration No. 3187), the regulator's press service reported.
"The decision to take the measure of last resort was taken as the bank failed to comply with federal banking laws and CBR's statutory acts, numerous violations during the year of requirements provided for in Article 7 (except for Clause 3 of Article 7) of the Federal Law "On Counteracting Legalization (Laundering) of Crime Income and Financing of Terrorist Acts", and also of the Bank of Russia's statutory acts, taking into account the numerous application of procedures stipulated in the Federal Law "On the Central Bank of the Russian Federation (Bank of Russia)," the press service reported.
As the Bank of Russia specified, Commercial Bank Edinstvenny conducted a high-risk lending policy and formed no loan loss provisions adequate to the accepted risks.
Furthermore, the lender failed to observe requirements of laws and of the Bank of Russia's statutory acts with regard to measures to counteract the legalization (laundering) of criminal income and the financing of terrorist acts as to timely provide an authorized body with reliable data on operations that are subject to mandatory control.
"The lending institution was a transit point when its clients conducted large-scale suspicious operations," the Bank of Russia emphasized.
Commercial Bank Edinstvenny is a member of the national deposit insurance system.
