The Bank of Russia has revoked as of July 10, 2015 a banking license held by Moscow-based Adelantbank (Registration No. 1835), the regulator's press service reported.
As the Bank of Russia specified, this decision was taken as the lending institution violated within a year the requirements provided for in Article 6 and Article 7 (except for Clause 7 of Article 3) of the Federal Law "On Counteracting Legalization (Laundering) of Criminal Income and the Financing of Terrorist Acts".
PJSC Adelantbank failed to observe requirements of anti-money laundering laws, failing to timely and fully provide authorities with data on operations that are subject to mandatory control. Meanwhile, the lending institution participated in large-scale suspicious transactions to transfer funds abroad, and also in suspicious transit operations, the Bank of Russia said in a press release.
