On the revocation of banking licence and appointment of provisional administration
By Order No. OD-908, dated 5 May 2014, the Bank of Russia revoked the banking licence of the Moscow-based Limited Liability Company Atlas Bank (Atlas Bank Ltd.) (Registration No. 3477) from 5 May 2014.
The Bank of Russia took such an extreme measure – revocation of the banking licence – because of the credit institution’s repeated violations over the past year of the requirements stipulated by Article 7 (excluding Clause 3 of Article 7) of the Federal Law ‘On Countering the Legalisation (Laundering) of Criminally Obtained Incomes and the Financing of Terrorism’.
The bank failed to comply with the requirements of legislation on anti-money laundering and combatting the financing of terrorism in respect of timely submitting to the authorised body data on operations subject to mandatory control. Besides, the credit institution did not take steps to obtain information on customers’ motives to enter into relations with the bank and on the nature of their future business relations.
Over 2013, Atlas Bank Ltd. was involved in dubious funds transfers outside the Russian Federation. The total amount of the aforementioned transactions was about 9 billion rubles.
By its Order No. OD-909, dated 5 May 2014, the Bank of Russia has appointed a provisional administration to Atlas Bank Ltd. 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.
As of 1 April 2014, Atlas Bank Ltd. was ranked 744th by assets in the Russian banking system.The reference to the Press Service is mandatory if you intend to use this material.
05.05.2014 00.00.00