Russian central bank revokes license of Interstate Clearing Bank

MOSCOW, Dec 22 (PRIME) -- Russia’s central bank has revoked a banking license from Moscow-based Interstate Clearing Bank (ICB), ranked 487th by assets as of December 1, the authority said in a statement on Thursday.

ICB did not comply with legislation regulating banking activity, the central bank’s regulatory acts, and with laws for fighting money laundering and terrorism financing. The bank was involved in dubious transit transactions. The central bank also pointed out the existence of a real threat to interests of creditors and depositors of the bank.

The bank is a member of the deposit insurance system, which means that each depositor may receive up to 1.4 million rubles in compensation. Payments to the depositors of the bank will begin no later than on January 12, 2017, the Deposit Insurance Agency (DIA) said.

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