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The Central Bank’s decision was taken over the credit institution’s failure to comply with the federal laws, regulating banking activity and Bank of Russia’s regulatory acts. The bank failed to meet the creditor’s demands on money liabilities.
According to the Central Bank, the IntrustBank failed to timely meet liabilities to the creditors due to the loss of liquidity. The Central Bank also found that the credit institution’s internal control rules did not correspond to the requirements of the regulatory acts of the Bank of Russia. In addition, IntrustBank was involved in major suspicious cash transactions.
The Bank of Russia says that the management and owners of the credit institution failed to take efficient measures to normalise its activity and restore the financial status.
The Bank of Russia issued an order on the appointment of the temporary administration in IntrustBank. The powers of the credit institution’s executive bodies have been suspended.The JSCB IntrustBank was established in 1994, it has six branches in the cities of St. Petersburg, Samara, Voronezh, Volzhsky, Izhevsk and Smolensk.
The Central Bank of Russia on September 16 has revoked the licence of the Moscow-based credit institution Bank.24.ru, the supervisory authority said in a release.
The licence was revoked for the non-compliance by the credit institution with the federal laws, regulating banking activity, as well as regulatory acts of the Bank of Russia.
In particular, the bank failed to comply with the legislation on combating money laundering and terrorism financing. According to the Central Bank, the bank’s internal control rules failed to meet the Bank of Russia’s requirements.
Also, during 2013 and in the first half of 2014, the credit institution was involved in suspicious cash and non-cash transactions in large volumes.
Bank.24.ru is the deposit insurance system member. According to the bank’s reporting, in terms of its assets the bank as of September 1, 2014 ranked 276th in the Russian banking system.