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Russia’s Central Bank revokes license from Dagestan’s Makhachkala-based bank

March 05, 2014, 13:00 UTC+3 MOSCOW
Bank “Dagestan” was involved in dubious transactions for giving cash to its clients, both legal entities and individual entrepreneurs from their accounts
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© ITAR-TASS/Sergei Medvedev [Archive]

MOSCOW, March 05. /ITAR-TASS/. The Central Bank of Russia (CBR) issued a decree on March 5, 2014 revoking a license for banking transactions from North Caucasian Republic of Dagestan’s Makhachkala-based commercial bank of social development “Dagestan”, the financial regulator said in a statement on Wednesday. The bank is a member of deposit insurance system.

The CBR decision to impose extreme restriction revoking a license was taken due to numerous violations of requirements set in Article 7 (except for Clause 3 Article 7) of the federal law on counteraction to money laundering and terrorism funding by the crediting organization within a year.

The financial regulator noted that the bank had breached requirements of legislation in money laundering and terrorism funding for timely submitting to an authorized body the information on transactions subject to compulsory control and proper identification of its clients.

Bank “Dagestan” was involved in dubious transactions for giving cash to its clients, both legal entities and individual entrepreneurs from their accounts. Total volume of these transactions for 2013 exceeded 1.6 billion rubles (around $44 million). However, the crediting organization brought the internal control rules for counteraction to money laundering and terrorism funding in compliance with the CBR requirements.

Provisional administration was appointed in commercial bank “Dagestan” until a bankruptcy or a receiver is named. Powers of executive authorities of the crediting organisation are suspended according to federal laws.

As for the size of assets bank “Dagestan” is ranked 854th in Russian banking system as of February 1, 2014.

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