On revocation of banking licence and appointment of provisional administration
By its Order No. OD-3164, dated 11 November 2014, the Bank of Russia revoked the banking licence from the Moscow-based credit institution Commercial Bank European Express, limited liability company, or CB European Express LLC (Registration No. 3449) from 11 November 2014.
The Bank of Russia took such an extreme measure — revocation of the banking licence — because of the credit institution’s repeated violations within a year of the requirements of Article 7 (except for Clause 3 of Article 7) of the Federal Law ‘On Countering the Legalisation (Laundering) of Criminally Obtained Incomes’.
CB European Express LLC did not comply with the requirements of the legislation on anti-money laundering and the financing of terrorism in terms of timely notification of the authorised body about operations subject to obligatory control. Besides, the credit institution did not take measures to obtain information on the aims of the customers’ cooperation with the bank and its nature, as well as their business goals and goodwill. Besides, the credit institution was involved in dubious operations connected with overseas money transfer in significant amounts.
By its Order No. OD-3165, dated 11 November 2014, the Bank of Russia has appointed a provisional administration to CB European Express 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 European Express LLC is a member of the deposit insurance system. The revocation of banking licence is an insured event envisaged by Federal Law No.
As of 1 October 2014, CB European Express LLC ranked 715th by assets in the Russian banking system.
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