The Bank of Russia has revoked as of January 21, 2016 a banking license held by Saint Petersburg-based Turbobank (Registration No. 3203), 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 a year of the requirements provided for in Article 6 and 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 the application of measures stipulated in the Federal Law "On the Central Bank of the Russian Federation (Bank of Russia)".

"Turbobank 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. Meanwhile, the lending institution got involved in large-scale suspicious transactions," the regulator specified.

Meanwhile, the financial institution's executives and owners took no efficient measures to bring its operation back to normal.

Turbobank is a member of the national deposit insurance system.