The Bank of Russia issued an order to revoke a banking license held by Professional Bank (Registration No. 2471) starting May 20, the regulator's press service reported.
The bank's license was cancelled as the lending institution violated many times within a year the requirements provided for in Article 7 of the Federal Law "On Counteracting Legalization (Laundering) of Criminal Income and the Financing of Terrorist Acts".
"Professional Bank failed to observe requirements of anti-money laundering laws, failing to timely provide authorities with data on operations that are subject to mandatory control. At the same time, the lending institution was involved in suspicious transit operations," the regulator's press service noted.
Professional Bank is a member of the national deposit insurance system.
