On Revocation of Banking Licence and Appointment of Provisional Administration
By its Order No. OD-184, dated February 24, 2014, the Bank of Russia has revoked the banking licence of credit institution Russko-Ingushsky Commercial Bank Limited Liability Company or CB RIngcombank LLC (Republic of Ingushetia, Nazran) with effect from February 24, 2014.
The Bank of Russia has made a decision on revoking the banking licence due to a repeated violation by the credit institution during a year of the requirements specified by Article 7 (except for Point 3 of Article 7) of the Federal Law “On Countering the Legalisation (Laundering) of Criminally Obtained Incomes and the Financing of Terrorism” (AML/CFT).
The Bank failed to comply with AML/CFT requirements. CB RIngcombank LLC was involved in dubious operations of issuing cash to corporate customers, individual entrepreneurs and withdrawal from retail accounts. In 2013, the total value of the above operations amounted to 6 billion rubles. The Bank failed to ensure compliance of its AML/CFT internal control rules with Bank of Russia requirements, and to promptly report to an authorised body operations subject to mandatory control.
By its Order No. OD-185, dated February 24, 2014, the Bank of Russia has appointed a provisional administration to CB RIngcombank LLC for the period until the appointment of a receiver pursuant to the Federal Law “On the Insolvency (Bankruptcy) of Credit Institutions” or a liquidator under Article 23.1 of the Federal Law “On Banks and Banking Activities”. In accordance with federal laws, the powers of the credit institution’s executive bodies are suspended.
CB RIngcombank LLC is a member of the deposit insurance system. The revocation of the banking licence is an insured event as stipulated by Federal Law No.
As of February 1, 2014, CB RIngcombank LLC was ranked 746th by assets in the Russian banking system.
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24.02.2014 00.00.00