MOSCOW, September 11. /ITAR-TASS/. The Bank of Russia (CBR) on September 11 revoked the licence of the credit institution Trust Republic Bank, the CBR said in a release on Thursday.

The Bank of Russia has made the decision on using the last resort measure - licence revocation, in connection with the violation by the credit institution of the federal laws, regulating banking activity and normative acts of the Bank of Russia, in view of repeated measures applied within one year under the Federal Law ‘On the Central Bank of the Russian Federation (Bank of Russia),’” the CBR said.

The CBR said that Trust Republic Bank’s internal control rules in the sphere of combating money laundering and terrorism financing did not comply with the Bank of Russia regulations. In addition, the Trust Republic Bank was involved in major suspicious operations for the withdrawal of money abroad, the total volume of which in January - August 2014 exceeded 12 billion roubles. The management and owners of the credit institution failed to take effective measures to normalise its activity and property organise the bank’s internal control.

Temporary administration has been appointed at the bank. The powers of the credit institution’s executive bodies have been suspended in accordance with the federal law.

The limited liability company Trust Republic Bank is the participant in the deposit insurance system. According to the bank’s financial reporting, as of September 1, 2014, the bank was 701st in the Russian banking system in terms of the assets size.