The Bank of Russia has decided to revoke as of October 6, 2015 a banking license held by Moscow-based ITB (JSC Commercial Bank Investrustbank, Registration No. 3128). Relevant information was posted on the regulator's website.
The Bank of Russia explained its decision to take the measure of last resort as the bank failed to comply with federal banking laws and CBR's statutory acts, numerous violations during the year of requirements provided for in Article 7 (except for Clause 3 of Article 7) of the Federal Law "On Counteracting Legalization (Laundering) of Criminal Income and Financing of Terrorist Acts", and also the application of measures stipulated in the Federal Law "On the Central Bank of the Russian Federation (Bank of Russia)".
"Bank ITB failed to observe requirements of anti-money laundering laws, failing to timely provide authorities with data on operations that are subject to mandatory control," the regulator's press service specified in a press release, adding the lender's internal control regulations designed to counteract legalization (laundering) of criminal income and the financing of terrorist acts did not meet requirements of the Bank of Russia's statutory acts. Meanwhile, the lending institution was involved in suspicious transit operations. The bank's management and owners took no measures required to bring its activities back to normal.
A temporary administration commenced operations at the bank until a bankruptcy manager or a liquidator is appointed. The powers and authority of the bank's executive bodies were suspended.
Bank ITB is a member of the national deposit insurance system, and the revocation of a license is an accident insured, the Bank of Russia noted.
