By its order issued on June 19, 2015 the Bank of Russia revoked a banking license held by Commercial Bank Investment Union (Registration No. 637), the regulator's press service reported.
The Bank of Russia decided to apply the last resort as the bank failed to comply with the federal laws regulating banking activities and CBR's statutory acts, and violated many times during the year the requirements of the Bank of Russia's statutory acts issued in accordance with the Federal Law "On Preventing Legalization (Laundering) of Criminal Income and Financing of Terrorist Acts", and taking into account the application of the measures stipulated in the Federal Law "On the Central Bank of the Russian Federation (Bank of Russia)".
Holding poor quality assets, Investment Union inadequately assessed its credit portfolio and related risks. In addition, the bank failed to observe requirements of the Bank of Russia's statutory acts in the area of measures to counteract 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. Meanwhile, the lending institution participated in large-scale suspicious transactions to transfer money abroad. The bank's management and owners took no measures required to bring its activities back to normal, the regulator's press service reported.
Commercial Bank Investment Union is a member of the deposit insurance system.
