The Bank of Russia reported that it decided to revoke as of June 19, 2015 a banking license held by Bank Azimut (Registration No. 3154), the regulator's press service reported.
This decision was taken due to the non-fulfillment by the lender of the federal laws regulating banking activities and CBR's statutory acts, and the application of measures stipulated in the Federal Law "On the Central Bank of the Russian Federation (Bank of Russia)".
"Bank Azimut conducted a high-risk lending policy and piled up no loan loss provisions adequate to the accepted risks. At the same time, the lending institution was involved in suspicious transit operations. The bank's executives and owners took no efficient measures to counteract legalization (laundering) of criminal income and the financing of terrorist acts," the regulator's press service pointed out.
Bank Azimut is a member of the national deposit insurance system.
