The Central Bank of Russia (CBR) has deprived the Moscow NRKO non-banking credit organisation and the ARCHEKAS bank of their banking licences. According to the CBR, NRKO violated anti-laundering legislation and neglected certain requirements. In particular, NRKO has failed to establish an internal control service and work out documents to regulate the main policy.
The ARCHEKAS bank cashed R5.7 billion in February 2006. No documentary evidence was found to confirm such a sizable sum used by clients. Both banks have been placed under temporary administrations.
Source: BANKIR.RU, March 30, 2006
