The Bank of Russia has revoked effective March 17, 2016 a banking license held by Bank Ekaterininsky (Registration No. 2167), the regulator's press service reported.
The Bank of Russia explained its last-resort measure by the lending institution's failure to comply with federal laws regulating banking activities and CBR's statutory acts, multiple violation during a year of the requirements provided for in Article 6 and Article 7 (except for Clause 3 of Article 7) of Federal Law "On Counteracting Legalization (Laundering) of Criminal Income and the Financing of Terrorist Acts", and also requirements of the Bank of Russia's statutory acts issued in accordance with the federal law, and the application of measures stipulated in the Federal Law "On the Central Bank of the Russian Federation (Bank of Russia)", taking into account a real threat to the interests of creditors and deposit holders.
"Bank Ekaterininsky pursued a high-risk credit policy, investing funds in low-quality assets. The adequate assessment of the risks, which the bank accepts, at the request of a supervisory body gave rise to the grounds to take measures to prevent its insolvency (bankruptcy)," the press release noted.
In addition, the bank failed to adhere to the requirements of laws and CBR's statutory acts in the area of counteracting legalization (laundering) of criminal income and the financing of terrorist acts as to timely and accurately provide an authorized body with relevant information. The financial institution was also involved in suspicious transit operations.
Bank Ekaterininsky is a member of the national deposit insurance system.
