Russia's Central Bank said Thursday it had revoked the operating licenses of two banks over breaches of banking legislation

Saturday, January 28, 2023

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Russia's Central Bank said Thursday it had revoked the operating licenses of two banks over breaches of banking legislation, including the law on money laundering. The Moscow-based United Transport Bank (OTBank) and Transregional Financial Company commercial bank (TFC) were stripped of their licenses and put into temporary administration for failing to comply with banking laws and Central Bank regulations, and for violations of laws on money laundering and the financing of terrorism, the Central Bank press office said. TFC bank also failed to comply with the CBR's reserve requirements, provide accurate financial statements and identify its clients in line with the established procedure. The bank also intensified operations to withdraw large amounts of cash from accounts, the CBR press office said. OTBank failed to comply with the CBR's regulations on cash transactions, accounting rules and obligatory reserve requirements and ensure the safe custody of funds, and carried out risky credit operations. The Central Bank had already applied numerous disciplinary measures against the bank, the press office said. The banks will be under temporary administration until the appointment of a receiver or a liquidator, the CBR press office said.

Bookmark Russia's Central Bank said Thursday it had revoked the operating licenses of two banks over breaches of banking legislation