The Central Bank of Russia has cancelled a license held by Makhachkala-based bank Credo Finance (Registration No. 793), the regulator's press service reported.
The decision to apply the last-resort measure was taken because the lending institution failed to comply with federal banking laws and the Bank of Russia's statutory acts, the multiple violation during a year of the 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 the Financing of Terrorist Acts", and also the requirements of the Bank of Russia's statutory acts that were issued in accordance with the said federal law and the application of the measures stipulated in the Federal Law "On the Central Bank of the Russian Federation (Bank of Russia)".
Credo Finance did not meet requirements of laws and statutory acts of the Bank of Russia in the area of combating legalization (laundering) of criminal income and the financing of terrorist acts as to timely and accurately provide information to an authorized body. In addition, the lending institution's internal control rules in this area did not meet the Bank of Russia's requirements. The lending institution's executives and owners took no efficient measures to bring its activities back to normal.
Credo Finance is a member of the national deposit insurance system.