Central bank revokes license from small Moscow bank

MOSCOW, Jun 4 (PRIME) -- Russia’s central bank has revoked a banking license from Moscow-based RFI Bank, ranked 328th by assets as of May 1, the regulator said on Friday.

The bank violated the laws regulating banking activities and normative acts of the central bank, which is why restrictive measures were applied against it multiple times over past 12 months.

RFI Bank was involved in non-transparent transactions aimed at making settlements between individuals and illegal online casinos and bookmakers.

The bank is a member of the deposit insurance system, which means that the depositors are entitled for compensations of up to 1.4 million rubles.

(73.2636 rubles – U.S. $1)

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