OREANDA-NEWS. By Order No. OD-2662, dated 6 October 2015, the Bank of Russia revoked the banking licence of the Nizhny Novgorod-based credit institution United National Bank, limited liability company (United National Bank LLC) (Registration Number: 2074) from 6 October 2015.

The Bank of Russia took such an extreme measure - revocation of the banking licence - because of the credit institution's repeated violations over the past year of Bank of Russia regulations issued in compliance with the Federal Law 'On Countering the Legalisation (Laundering) of Criminally Obtained Incomes and the Financing of Terrorism'.

United National Bank LLC failed to comply with the requirements of Bank of Russia regulations on anti-money laundering and combatting the financing of terrorism, including with respect to the submitting to the authorised body of reliable data on operations subject to mandatory control. The credit institution was involved in suspicious operations to withdraw monetary funds abroad as well as suspicious large-scale 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-2663, dated 6 October 2015, a provisional administration has been appointed to United National Bank LLC 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.

United National Bank LLC 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 United National Bank LLC ranked 622th in the Russian banking system in terms of assets.