Russian central bank recalls license of 2 small banks
MOSCOW, Apr 20 (PRIME) -- The Russian central bank has revoked a banking license from Moscow-based bank Logos, ranked 514 by assets as of April 1, and Russian Trade Bank (RTBK), ranked 215, the authority said in a statement on Friday.
Logos has violated the criminal income legalization and terrorism financing law many times by failing to submit trustworthy information on transactions subject to obligatory control to the central bank.
It conducted currency exchange transactions without registration in the accounting books and in some cases, without identification of households requesting the operations. The bank was also involved in dubious transactions in 2018.
RTBKТs business model included high risks and was targeted at lending to economically dependent and technical entities. Several companies had traits of affiliation with the bank. RTBK did not reflect the financial state in reports and misrepresented the information, hiding the need for measures to prevent bankruptcy.
The banks are participants of the deposit insurance system, which means that the clients will be entitled for compensation of up to 1.4 million deposits.
(60.8583 rubles Ц U.S. $1)