OREANDA-NEWS. By its Order No. OD-2405, dated 28 July 2016, the Bank of Russia revoked the banking licence of the Makhachkala-based credit institution Commercial bank CREDO FINANCE Ltd.

The Bank of Russia took such an extreme measure — revocation of the banking licence — because of the credit institution’s failure to comply with federal banking laws and Bank of Russia regulations, because of the repeated violations within one year of the requirements stipulated by Article 7 (excluding Clause 3 of Article 7) of the Federal Law ‘On Countering the Legalisation (Laundering) of Criminally Obtained Incomes and the Financing of Terrorism’, and also the requirements of Bank of Russia regulations issued in pursuance of the said Federal Law.

By its Order No. OD-2406, dated 28 July 2016, the Bank of Russia has appointed a provisional administration to Commercial bank CREDO FINANCE Ltd for the period until the appointment of a receiver pursuant to the Federal Law ‘On the Insolvency (Bankruptcy)’ or a liquidator under Article 23.1 of the Federal Law ‘On Banks and Banking Activities’. In accordance with federal laws, the powers of the credit institution’s executive bodies are suspended.

According to the financial statements, as of 1 July 2016, Commercial bank CREDO FINANCE Ltd ranked 624th by assets in the Russian banking system.