Russian Central Bank revokes licenses of three banks and one money transfer system

18.03.2014 13:24
Russian Central Bank revokes licenses of three banks and one money transfer system

YEREVAN, March 18. / ARKA /. Russia s Central Bank said today it has revoked the licenses of three small Moscow-based banks.

The regulator said it has revoked licensees from three banks — Russky Zemelny Bank, S-Bank and Bank Stroikredit. It said it had also revoked the licence of ZAO MIGOM, which offered a money transfer service.

It said in a statement that Russky Zemelny Bank, which offered credits to small and medium business as well as providing mortgages, had breached laws against money laundering and on financing "terrorism." The bank's "dubious" operations amounted to 15 billion rubles ($413.3 million) in 2013, it said.

S-Bank and Bank Stroikredit were placed under administration after failing to build the necessary reserves to cushion against "risky operations," the Central Bank said.

The bank said it had withdrawn the license from ZAO MIGOM for failing to build up reserves and to pay off loans on time. -0-


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