Russian central bank recalls license of small bank Accent
MOSCOW, May 18 (PRIME) -- The Russian central bank has revoked the license from bank Accent, ranked 465 by assets as of May 1, the authority said in a statement on Friday.
According to the central bank, Accent used an extremely risky business model, which produced a large volume of low quality assets on its balance. A due assessment of the credit risk on orders from the central bank revealed a significant capital loss, which forced the central bank to apply bankruptcy prevention measures.
Accent did not fulfill banking regulations, including the law on corruption and terrorism funding prevention, by failing to submit trustworthy information on operations subject to obligatory control to the central bank and to identify the beneficiaries of the clients.
The central bank took into notice the existence of a real threat to interests of the creditors and depositors.
Payment of compensations to the depositors of the bank will start no later than on June 1, agent banks will be chosen no later than on May 24, the Deposit Insurance Agency (DIA) said in a report.