As of August 8, 2014 the Central Bank of Russia has cancelled a banking license held by Moscow-based KIP-Bank (Registration No. 2843), the regulator’s press service reported.

The Bank of Russia named the numerous violation by the bank of anti-money laundering laws during the year as one of the reasons for taking measures of last resort. Throughout 2013 and January — March 2014 KIP-Bank was involved in suspicious transactions which exceeded Rub 57 bln, the regulator specified.

KIP-Bank is not a member of the national deposit insurance system.

The beginning of a merger of Soyuzprombank, KIP-Bank and also two non-banking lending institutions (Center of Inter-Bank Settlements and Settlement Banking Center) was announced in late April. The new lending institution with charter capital of Rub 606 mln was planned to be named Businessprombank.