Cbank revokes licenses from 2 small Moscow-based banks

MOSCOW, Mar 12 (PRIME) -- Russia’s central bank revoked banking licenses from Moscow-based ForeBank, ranked 221st by assets as of February 1, and Commercial bank Modern Business Standards (SSTB-Bank), ranked 352nd, the regulator said in a statement on Friday.

The banks violated federal laws regulating banking activities and legal acts of the regulator, including on money laundering and terrorism financing, the central bank said.

Both banks are members of the deposit insurance system, which means that each depositor may receive up to 1.4 million rubles in compensation.

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