Moscow says Turkish airstrikes in Iraq, Syria escalate already tense situationRussian Politics & Diplomacy April 26, 20:55
North Korea ‘neither fears war nor wants to avoid it,’ says country’s UN missionWorld April 26, 20:37
Russia’s Emergencies Ministry to continue helping Serbia in mine clearance in 2017Military & Defense April 26, 20:20
Putin says Russia, China maintain relations at 'unprecedentedly high level'Russian Politics & Diplomacy April 26, 20:02
Polls shows number of happy Russians at record-breaking historic highSociety & Culture April 26, 19:27
IS recruiting Taliban fighters in Afghanistan — Russia’s General StaffMilitary & Defense April 26, 18:49
Coffin with presumed remains of 19th century Russian general dug up in TurkeySociety & Culture April 26, 18:26
Russian envoy says enacting nuke ban treaty will lay basis for stable strategic tiesRussian Politics & Diplomacy April 26, 18:13
Tokyo to draw up cooperation plans for South Kurils and heed locals’ opinionsBusiness & Economy April 26, 17:37
CFC Bank, also known as Consumer Finance Company, and UCC violated provisions of laws prohibiting money laundering and terrorism financing, the regulator said.
UCC also did not ensure enough security while identifying clients, and was involved into large dubious cashless transactions, the central bank said.
CFC Bank is a member of the deposit insurance system, which means that each client will receive redemption of their deposits to the sum of up to 700,000 rubles ($20.5 thousand).
The Deposit Insurance Agency (DIA) said that it will start repaying compensations to the bank’s clients no later than on July 25.
UCC operated in Moscow, providing banking account maintenance and cashless currency exchange services for corporate clients, and had no individual clients.
July 7, the Russian banking watchdog has stripped another three credit institutions of their licenses.
The licenses were revoked from the St. Petersburg-based Finvest and Eurosib banks and the Moscow-based IstKom-Finance over their highly risky policies and failure to comply with banking legislation and Bank of Russia regulations, the regulator said in a statement.
Compensation payments to clients of Fininvest, Eurosib and IstKom-Finance, which are participants in the deposit insurance system, will start from July 21.
Fininvest held the 179th place in the Russian banking system while Eurosib ranked 652nd and IstKom-Finance 727th.
The Russian Central Bank has taken active efforts in the past two years to restructure the domestic financial system and make it stable and resilient to market shocks. The regulator has paid special attention to financial institutions that are not large in size and conduct risky operations and violate capital adequacy and transparency requirements.
Since 2013, the Central Bank of Russia has revoked licenses from about 50 credit institutions that operated in Moscow and the Moscow Region, the North Caucasus and the Siberian Federal District.