On revocation of banking licence and appointment of provisional administration
By its Order No. OD-2469, dated 11 September 2014, the Bank of Russia revoked the banking licence from the Moscow-based credit institution Trust Republic Bank, limited liability company, or Trust Republic Bank LLC (Registration No. 3404) from 11 September 2014.
The Bank of Russia took such an extreme measure — revocation of the banking licence — because of the credit institution’s failure to comply with federal banking laws and Bank of Russia regulations and taking into account the repeated application over the past year of supervisory measures envisaged by the Federal Law ‘On the Central Bank of the Russian Federation (Bank of Russia)’.
The rules of internal controls in the field of anti-money laundering and the financing of terrorism of Trust Republic Bank LLC did not comply with Bank of Russia regulations. Besides, Trust Republic Bank LLC was involved in large scale dubious operations connected with overseas money transfer in the total amount exceeding 12 billion rubles as of January — August 2014. The management and owners of the bank have not taken measures required to normalise its activities and properly organise its internal controls.
Pursuant to its Order No. OD-2470, dated 11 September 2014, the Bank of Russia has appointed a provisional administration to Trust Republic Bank 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.
Trust Republic Bank LLC is a member of the deposit insurance system. The revocation of banking licence is an insured event envisaged by Federal Law No.
According to the financial statements, as of 1 September 2014, Trust Republic Bank LLC ranked 701st by assets in the Russian banking system.
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11.09.2014 00.00.00