On revocation of banking licence of credit institution Siberian Bank Sirius and appointment of provisional administration
By its Order No. OD-108, dated 23 January 2017, the Bank of Russia revoked the banking licence from the Omsk-based credit institution Siberian Bank Sirius (limited liability company), or Siberian Bank Sirius LLC (Registration No. 3506) from 23 January 2017.
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, repeated breaches of Article 7 (except for Clause 3 of Article 7) of Federal Law ‘On Countering the Legalisation (Laundering) of Criminally Obtained Incomes and the Financing of Terrorism’ over the year, non-compliance with Bank of Russia regulations related to the said Federal Law and because of the application of measures envisaged by the Federal Law ‘On the Central Bank of the Russian Federation (Bank of Russia)’.
Siberian Bank Sirius LLC placed funds in low quality assets and inadequately assessed the risks assumed. The execution of authorised body’s order to establish adequate provisions created grounds for taking insolvency (bankruptcy) prevention measures. Moreover, by not providing complete information on operations subject to mandatory supervision, the bank did not comply with laws and Bank of Russia regulations on countering the legalisation (laundering) of criminally obtained incomes and the financing of terrorism.
The management and owners of the bank did not take effective measures to bring its activities back to normal and under such circumstances the Bank of Russia decided to remove Siberian Bank Sirius LLC from the banking market.
By its Order No. OD-109, dated 23 January 2017, the Bank of Russia appointed a provisional administration to Siberian Bank Sirius LLC for the period until the appointment of a receiver pursuant to the Federal Law ‘On Insolvency (Bankruptcy)’ 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.
According to the financial statements, as of 1 January 2017, Siberian Bank Sirius LLC ranked 527th by assets in the Russian banking system.
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