OREANDA-NEWS. By its Order No. OD-3675, dated 27 October 2016, the Bank of Russia revoked the banking licence from the Moscow-based credit institution Investment Commercial Bank Entuziastbank, limited liability company, or LLC ICB Entuziastbank (Registration No. 3048) from 27 October 2016.

The Bank of Russia took such an extreme measure — revocation of the banking licence — due to the credit institution’s failure to comply with federal banking laws and Bank of Russia regulations, repeated violation within a year of the requirements of Articles 6, 7 (except for Clause 3 of Article 7) of the Federal Law ‘On Countering the Legalisation (Laundering) of Criminally Obtained Incomes and the Financing of Terrorism’, and Bank of Russia regulations issued in compliance with the said federal law, and considering repeated application within a year of measures envisaged by the Federal Law ‘On the Central Bank of the Russian Federation (Bank of Russia)’.

Despite the unsatisfactory quality of its assets, LLC ICB Entuziastbank failed to correctly assess risks assumed. Additionally, LLC ICB Entuziastbank did not comply with the legislation and Bank of Russia regulations on legalisation (laundering) of criminally obtained incomes and financing of terrorism with respect to the timely submission of true and full information to the authorised body. The management and owners of the credit institution did not take effective and sufficient measures to normalise its activities. Under these circumstances, the Bank of Russia decided to take out LLC ICB Entuziastbank from the banking services market.

According to the financial statements, as of 1 October 2016, LLC ICB Entuziastbank ranked 608th by assets in the banking system of the Russian Federation.