OREANDA-NEWS. By its Order No. OD-3286, dated 24 November 2015, the Bank of Russia revoked the banking licence of the credit institution Samara Mortgage & Land Bank LLC or LLC IPOZEMbank (Registration No. 3026, the city of Samara) from 24 November 2015.

The Bank of Russia took such an extreme measure - revocation of the banking licence - due to the credit institution's failure to comply with federal banking laws and Bank of Russia regulations, repeated violations over the last 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', as well as Bank of Russia regulations issued in compliance with the said Federal Law and the application of measures envisaged by the Federal Law 'On the Central Bank of the Russian Federation (Bank of Russia)'.

LLC IPOZEMbank failed to comply with legislation requirements and Bank of Russia regulations as regards countering the legalisation (laundering) of criminally obtained incomes and the financing of terrorism with respect to the timely data submission to the authorised body. Moreover, the credit institution was involved in dubious transit operating in significant amounts. Both the management and owners of the credit institution did not take any effective measures to bring the situation back to normal.

By its Order No. OD-3287, dated 24 November 2015, the Bank of Russia has appointed a provisional administration to LLC IPOZEMbank 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 reporting data, as of 1 November 2015, LLC IPOZEMbank ranked 657th in the Russian banking system in terms of assets.