OREANDA-NEWS. The Bank of Russia revoked the banking licence from the Moscow-based credit institution Commercial Bank Admiralteisky, limited liability company, or CB Admiralteisky LLC (Registration No. 3054).

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 Bank of Russia regulation related to the Federal Law 'On Countering the Legalisation (Laundering) of Criminally Obtained Incomes and the Financing of Terrorism', 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)', and taking into account a real threat to creditors' and depositors' interest.

CB Admiralteisky LLC implemented high-risk lending policy and did not create loss provisions adequate to the risks assumed. Besides, the bank failed to comply with Bank of Russia regulations on countering the legalisation (laundering) of criminally obtained incomes and the financing of terrorism with regard to notification of the authorised body about operations subject to obligatory control. Besides, the credit institution was involved in dubious transit operations in significant amounts. In September 2015, the bank terminated servicing its customers. The management and owners of the credit institution avoided managing the bank and did not take measures to normalise its activities.

The Bank of Russia has appointed a provisional administration to CB Admiralteisky LLC for the period until the appointment of a receiver pursuant to the Federal Law 'On 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 Admiralteisky 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 September 2015, CB Admiralteisky LLC ranked 274thby assets in the Russian banking system.