Bank of Russia today revoked the licenses of two banks – “Azimuth” and “Investment union”. Traditionally, the reasons were violating the law on combating money laundering and failure to comply with regulatory requirements.
On the license of the bank “Azimuth” (648 th place in terms of assets) and ” Investment Union “(298 th) of the Central Bank said today on its website. As usual, the reason for the withdrawal ‘s claims on the violation of 115-FZ (“On Combating Money Laundering”) and failure to comply with regulatory requirements for the implementation of norms of banking activities.
«In connection with the failure credit organization “Union Investment” federal laws regulating banking activities, repeated violation of regulations of the Bank of Russia in the framework of the law “On Combating Legalization (laundering) of proceeds of crime”, given the repeated application of the measures provided by the law “On the Central Bank”, the Bank of Russia decided revoke the license for banking operations “, – said in a press release regulator posted on its website. “KB” Investment union “when poor asset quality loan portfolio adequately assessed and taken with regard to the risks involved. In addition, the bank does not comply with regulations of the Bank of Russia in the field of counteraction to legalization (laundering) of proceeds from crime and terrorist financing in the timely and fair presentation of the authorized body of information on transactions subject to mandatory control. This credit institution was involved in carrying out suspicious transactions to withdraw money abroad in large quantities. The management and owners of the bank did not take the necessary measures to normalize its operations, “- states the report of the Central Bank.
With regard to the bank” Azimuth “Central Bank notes repeated application of the measures provided by the law” On Central Bank “and on this basis also considers it necessary to revoke the license of a credit institution. “AKB” Azimut “conducted high-risk lending policy and did not create adequate risk taking reserves for possible loan losses. This credit institution was involved in questionable conduct of transit operations. Managers and owners of the credit institution did not take effective action in the field of counteraction to legalization (laundering) of proceeds from crime and terrorist financing “, – said the Central Bank in a press release. Both banks were part of the deposit insurance system.
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