On revocation of banking licence and appointment of provisional administration
By its Order No. OD-2580, dated 22 September 2014, the Bank of Russia has withdrawn since 22 September 2014 a banking licence from the Moscow-based commercial bank SPETSSETSTROYBANK (Limited liability company) CB SSSB (LLC) (Reg. No. 3062).
The Bank of Russia took such an extreme measure — a revocation of a banking licence — due to the credit institution’s failure to comply with federal banking laws, Bank of Russia regulations, repeated violations within the year of requirements stipulated by Article 6 and 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 and taking into account the application of measures stipulated by the Federal Law on the Central Bank of the Russian Federation.
CB SSSB (LLC) pursued a high risk credit policy and did not make provisions adequate for risks assumed.
The credit institution did not comply with the requirements of legislation on countering money laundering and the financing of terrorism in terms of timely notification of the authorised body about operations subject to mandatory control. Internal control rules of CB SSSB (LLC) on countering money laundering and the financing of terrorism did not comply with Bank of Russia requirements. The credit institution was involved in large-scale dubious operations aimed at taking out money abroad.
The executives and owners of the credit institution did not take any necessary measures to normalize its activities.
By its Order No. OD-2581, dated 22 September 2014, the Bank of Russia has appointed a provisional administration to CB SSSB (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 SSSB (LLC) is a member of the deposit insurance system. A revocation of a banking licence is an insured event stipulated by Federal Law No.
According to reporting data, CB SSSB (LLC) was ranked 334th by assets in the Russian banking system.
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22.09.2014 00.00.00