The Bank of Russia has revoked a banking license held by Miraf-Bank (Registration No. 2244, based in Omsk), the regulator's press service reported.

The Bank of Russia decided to revoke the bank's license because the lending institution failed to fulfill federal laws regulating banking activities and CBR statutory acts, due to identified instances of material misstatement of financial reports, multiple violation during a year of the requirements provided for in Article 6 and Article 7 (except for Article 7.3) of the Federal Law "On Counteracting Legalization (Laundering) of Criminal Income and the Financing of Terrorist Acts", the failure to meet monetary claims of creditors and also taking into account the multiple application during a year of the measures stipulated in the Federal Law "On the Central Bank of the Russian Federation (Bank of Russia)".

Based on CBR data, Miraf-Bank invested funds in poor quality assets and formed no provisions adequate to the accepted risks.

"Due to the unsatisfactory quality of the assets which generated no sufficient cash flow the lending institution failed to timely meet its obligations to creditors. Meanwhile, the bank provided the supervisory authority with materially misstated financial statements concealing the reasons, for which the banking license could be revoked. Furthermore, Miraf-Bank failed to observe requirements of anti-money laundering laws, failing to timely provide authorities with data on operations that are subject to mandatory control," the regulator's press service specified.

The regulator also emphasized that the bank's management and owners took no measures required to normalize the bank's operation.

Miraf-Bank is a member of the national deposit insurance system.