The Bank of Russia (CBR) has cancelled the licence of the credit institution Trust Republic Bank for violating the federal laws.
Trust Republic Bank’s internal control rules in the sphere of combating money laundering and terrorism financing did not comply with the Bank of Russia regulations, news agency ITAR-TASS said.
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The bank was also said to be involved in major suspicious operations for the withdrawal of money abroad, the total volume of which in January – August 2014 exceeded RUB12 billion.
CBR said that the bank’s management and owners failed to take effective measures to normalise its activity and property organise the bank’s internal control.
CBR has appointed temporary administration at the bank.
In accordance with the federal law, the powers of the credit institution’s executive bodies have also been suspended.
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