The Bank of Russia has revoked as of November 24 a banking license held by Samara-based Mortgage Land Bank (Registration No. 3026), the regulator's press service reported.

The Bank of Russia explained its decision to take the measure of last resort as the bank failed to comply with federal banking laws and CBR's statutory acts, numerous violations during the year of requirements provided for in Article 7 (except for Clause 3 of Article 7) of the Federal Law "On Counteracting Legalization (Laundering) of Criminal Income and Financing of Terrorist Acts", and also statutory acts, and the application of measures stipulated in the Federal Law "On the Central Bank of the Russian Federation (Bank of Russia)".

"Mortgage Land Bank failed to observe the requirements of legislation and the Bank of Russia's statutory acts in the field of measures to prevent legalization (laundering) of criminal income and the financing of terrorist acts, failing to timely and fully provide authorities with information," the regulator said in a press release. In addition, the lending institution got involved in large-scale suspicious transactions. The lending institution's executives and owners took no actions required to bring its activities back to normal.

A temporary administration team was appointed at the bank. In accordance with federal laws the powers and authority of the lending institution's executive bodies were suspended.