OREANDA-NEWS. By Order No. OD-2658, dated 6 October 2015, the Bank of Russia revoked the banking licence of the Moscow-based credit institution Commercial Bank INVESTRASTBANK, joint-stock company (Bank ITB JSC) (Registration Number: 3128) from 6 October 2015.

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. Over the past year, the bank also repeatedly violated 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', taking into account the application of supervisory measures envisaged by the Federal Law 'On the Central Bank of the Russian Federation (Bank of Russia)'.

Bank ITB JSC failed to comply with the requirements of legislation on anti-money laundering and combatting the financing of terrorism, including with respect to the timely submitting to the authorised body of data on operations subject to mandatory control. The bank's AML/CFT internal control rules failed to meet the requirements of Bank of Russia regulations. Moreover, the credit institution was involved in suspicious transit operations. The management and owners of the bank failed to take effective measures to bring the situation back to normal.

In pursuance of Bank of Russia Order No. OD-2659, dated 6 October 2015, a provisional administration has been appointed to Bank ITB JSC for a term until the appointment of a receiver in accordance with the Federal Law 'On Insolvency (Bankruptcy)' or a liquidator in accordance with Article 23.1 of the Federal Law 'On Banks and Banking Activities'. In compliance with federal laws the powers of the credit institution's executive bodies have been suspended.

Bank ITB JSC is a participant in the deposit insurance system. The revocation of the banking licence is recognised as an insured event stipulated by Federal Law No. 177-FZ 'On Insurance of Household Deposits in Russian Banks' with regard to the bank's obligations to honour household deposits identified in accordance with the procedure established by law.

According to reporting data, as of 1 September 2015 Bank ITB JSC ranked 361th in the Russian banking system in terms of assets.