As of July 21, 2015 the Bank of Russia has revoked a banking license held by Moscow-based Time Bank (Registration No. 3120), the Bank of Russia's press service reported.
Time Bank conducted a high-risk lending policy and formed no loan loss provisions adequate to the accepted risks, the regulator specified. Meanwhile, the lending institution participated in large-scale suspicious transactions to transfer money abroad. The lender's internal control regulations designed to counteract legalization (laundering) of criminal income and the financing of terrorist acts did not meet the requirements of the Bank of Russia's statutory acts. The bank's executives and owners took no efficient measures to normalize its activities, the regulator said in a press release.
Time Bank is a member of the national deposit insurance system.
On Monday, as Banki.ru wired, Time Bank's business units suspended operation. The lending institution's staff explained this by technology failure. As information available at Kuap.ru showed, since July 16, 2015 the bank has been cut off the Bank of Russia's e-payment system.
