OREANDA-NEWS. By its Order No. OD-888, dated 24 April 2015, the Bank of Russia revoked the banking licence from the Moscow-based credit institution Commercial Bank EDINSTVENNIY, limited liability company, or CB EDINSTVENNIY LLC (Registration No. 3187).

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, repeated violations over the past year of the requirements of Article 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 connected with the said Federal law, and the repeated application over the past year of supervisory measures envisaged by the Federal Law 'On the Central Bank of the Russian Federation (Bank of Russia)' .

CB EDINSTVENNIY LLC implemented high-risk lending policy and did not create loan loss provisions adequate to the risks assumed.

Besides, the bank did not comply with the requirements of the legislation and Bank of Russia regulations on anti-money laundering and the financing of terrorism in terms of notification of the authorised body about operations subject to obligatory control. Meanwhile, the credit institution acted as a transit point for dubious transactions in significant amounts carried out by its customers. The management and owners of the bank did not take measures to normalise its activities.

By its Order No. OD-889, dated 24 April 2015, the Bank of Russia has appointed a provisional administration to CB EDINSTVENNIY LLC 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.

CB EDINSTVENNIY LLC is a member of the deposit insurance system. The revocation of banking licence is an insured event envisaged by Federal Law No. 177-FZ 'On Insurance of Household Deposits with Russian Banks' regarding the bank's obligations on deposits of households determined in accordance with the legislation.

According to the financial statements, as of 1 April 2015, CB EDINSTVENNIY LLC ranked 652nd by assets in the Russian banking system.