The Central Bank of Russia has revoked effective October 27, 2016 a banking license held by Entuziastbank (Registration No. 3048). The relevant press release was posted on the regulator's website.
The decision to cancel the bank's license was adopted because the lending institution failed to fulfill federal banking laws and the Bank of Russia's statutory acts, the bank has violated many times during the year requirements of the Federal Law "On Counteracting Legalization (Laundering) of Criminal Income and the Financing of Terrorist Acts", and also the requirements of the Bank of Russia's statutory acts that were issued in accordance with this federal law, and the application of measures provided for in the Federal Law "On the Central Bank of the Russian Federation (Bank of Russia)".
"Holding weak quality assets, Entuziastbank inadequately assessed accepted risks. Furthermore, the bank failed to comply with the requirements of laws and the regulator's statutory acts with regard to measures to counteract legalization (laundering) of criminal income and the financing of terrorist acts as to timely and qualitatively provide information to the authorized body," the regulator said.
Entuziastbank is a member of the national deposit insurance system.
The media previously reported that Entuziastbank was disconnected from the Banking Electronic Speedy Payment (BESP) system.
