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MOSCOW, August 3. /TASS/. The Bank of Russia made a decision to recall the banking license of Moscow-based Bank of Settlements and Savings, the regulator said on Monday.
The decision to withdraw the license was taken in connection with violations committed by the credit institution in the field of combating money laundering and terrorism financing, the Bank of Russia said. Relevant compliance rules of the bank did not conform to requirements of regulatory acts of the Central Bank.
The bank was involved in doubtful operations of funds’ transfer abroad in huge amounts, the Central Bank said. The nonbank credit institution was dealing with doubtful transit operations with the ultimate goal of cash-out. Temporary administration was appointed in the bank and powers of executive authorities of the credit institution were suspended.
The bank takes part in the deposit insurance system.