The Central Bank of Russia has revoked as of April 8, 2016 a banking license held by Moscow-based Soveren Bank (Registration No. 3206), the regulator's press service reported.
The Bank of Russia decided to take the last-resort measure as the lending institution failed to fulfill federal banking laws and also CBR's statutory acts, and measures provided for in the Federal Law "On the Central Bank of the Russian Federation (Bank of Russia)" were taken given a real threat to the interests of its creditors and deposit holders.
Based on the regulator's data, Soveren Bank pursued a high-risk policy, investing funds in weak quality assets. The lending institution's internal control regulations aimed at counteracting legalization (laundering) of criminal income and the financing of terrorist acts did not meet requirements set forth in the Bank of Russia's statutory acts. Meanwhile, Soveren Bank was involved in suspicious operations to wire funds abroad. The lending institution's executives and owners took no efficient measures to normalize its activities.
Soveren Bank is a member of the national deposit insurance system.
