On revocation of banking licence and appointment of provisional administration
By its Order No. OD-2521, dated 16 September 2014, the Bank of Russia revoked the banking licence from the Moscow-based credit institution open joint-stock company Bank24.ru or OJSC Bank24.ru (Registration No. 2227) from 16 September 2014.
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 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 and the Financing of Terrorism’ and taking into account the application of supervisory measures envisaged by the Federal Law ‘On the Central Bank of the Russian Federation (Bank of Russia)’.
OJSC Bank24.ru 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. The rules of internal controls of the bank did not comply with Bank of Russia requirements.
Besides, during 2013 and in the first six months of 2014 the credit institution was involved in dubious large-scale cash and cashless transactions.
The bank’s system of internal controls in the field of anti-money laundering and the financing of terrorism did not prevent the credit institution from rendering services to shadow economy.
By its Order No. OD-2522, dated 16 September 2014, the Bank of Russia has appointed a provisional administration to OJSC Bank24.ru 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.
OJSC Bank24.ru is a member of the deposit insurance system. The revocation of banking licence is an insured event envisaged by Federal Law No.
According to the financial statements, as of 1 September 2014, OJSC Bank24.ru ranked 276th by assets in the Russian banking system.
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