On revocation of banking licence and appointment of provisional administration
By its Order No. OD-64, dated 20 January 2015, the Bank of Russia revoked the banking licence from the Makhachkala-based Joint-stock commercial bank Adam International (joint-stock company) JS CB Adam International JSC (Registration No. 2232) from 20 January 2015.
The Bank of Russia took such an extreme measure — revocation of the banking licence — due to the credit institution’s repeated violations over the past year of the requirements stipulated by Article 7 (excluding Clause 3 of Article 7) of the Federal Law ‘On Countering the Legalisation (Laundering) of Criminally Obtained Incomes and the Financing of Terrorism’.
JS CB Adam International JSC failed to comply with the requirements of legislation on anti-money laundering and combatting the financing of terrorism in respect of timely submitting to the authorised body data on operations subject to mandatory control. Besides, the credit institution was involved in conducting dubious operations with cash.
By its Order No. OD-65, dated 20 January 2015, the Bank of Russia has appointed a provisional administration to JS CB Adam International JSC 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.
JS CB Adam International JSC is a member of the deposit insurance system. The revocation of the banking licence is an insured event as stipulated by Federal Law No.
According to its financial statements, as of 1 December 2014, JS CB Adam International JSC was ranked 786th by assets in the Russian banking system.
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