UPDATE: Russian central bank revokes license of small Moscow bank

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MOSCOW, Apr 11 (PRIME) -- Russia’s central bank has revoked a license of Moscow-based Crossinvestbank, ranked 446th by assets as of April 1, the regulator said Monday.

The bank failed to comply with the central bank’s regulatory acts for fighting money laundering and terrorism financing and was involved in dubious transactions and also failed to adequately estimate taken risks.

The bank’s owners and top executives did not take efficient measures to normalize its operations.

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 bank’s depositors will start no later than on April 25, the Deposit Insurance Agency (DIA) said.

(67.4662 rubles – U.S. $1)

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