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Russia’s Central Bank revokes licence from bank for suspicious transactions

April 17, 2014, 12:31 UTC+3 MOSCOW
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MOSCOW, April 17. /ITAR-TASS/. The Central Bank of Russia (CBR) has revoked the license for banking transactions from Russian North Caucasus Dagestan’s Makhachkala-based bank Kaspiy on April 17, 2014, the CBR stated at its website on Thursday.

The decision was taken over the crediting organization’s violation of federal laws which regulate banking activity and CBR regulatory acts and numerous cases of breaching requirements set in Article 7 of the federal law on counteraction to legalization of revenues received in illegal ways and terrorism funding.

Commercial bank Kaspiy has pursued a highly risky crediting policy and has not formed reserves adequate to risks it has taken against possible losses in loan indebtedness. Meanwhile, the bank has violated requirements set in the legislation on counteraction to money laundering, terrorism funding, particularly did not produce timely in an authorized agency information on transactions subject to compulsory control and did not take measures to set goals of economic activity, financial situation and business reputation of clients and identification of their beneficial owners.

Meanwhile, the crediting organization was involved in big amounts of suspicious cash transactions. The overall volume of these transactions reached more than 550 million rubles (around $15.2 million) in 2013. The chief executives and owners of the crediting organization did not take required measures to normalize its activity.

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