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Moscow Central Commercial Bank has been withdrawn a license

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Moscow Central Commercial Bank has been withdrawn a license

Moscow  Central Commercial Bank has been  withdrawn a license
September 26
09:00 2016

On September 26 the Central Bank of Russia has revoked the license for caring out banking operations from Moscow Central Commercial Bank. The regulator said about this in its official statement.

In particular, the report says: “Moscow Central Commercial Bank conducted high-risk lending policies related to the placement of funds in low-quality assets. The Bank did not comply with the requirements of the legislation and the regulations of the Bank of Russia in the sphere of combating money laundering got from crime and terrorism financing in terms of quality submission of the information on transactions, which are subject to mandatory control, to the authorized body.“

In addition, the bank was involved in dubious transit operations. Managers and owners of the bank did nothing to normalize the activity of the credit organization.

The interim administration runs the bank until the appointment of a liquidator or an insolvency representative.

Moscow Central Commercial Bank participates in the deposit insurance system.

The bank was founded in 1994. The control of the Bank is being carried out by ten individuals. Bank divisions: Ufa branch (founded in 2005) and 3 additional offices.

According to the Central Bank of Russia, as of September 1, 2016 the bank took the 206 th place in the Russian banking system in terms of assets.

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