OREANDA-NEWS. By its Order No. OD-1041, dated 13 May 2015, the Bank of Russia revoked the banking licence from the St. Petersburg-based credit institution Construction-Commercial Bank, closed joint-stock company (Registration No. 3050) from 13 May 2015.

The Bank of Russia took such an extreme measure - revocation of the banking licence - due to the credit institution's repeated violations over the past 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'.

CJSC Construction-Commercial Bank failed to comply with the requirements of legislation on anti-money laundering and combatting the financing of terrorism in respect of timely submitting to the authorised body data on operations subject to mandatory control. Besides, the credit institution was an intermediary in its customers' large-value dubious payable-through operations.

By its Order No. OD-1042, dated 13 May 2015, the Bank of Russia has appointed a provisional administration to CJSC Construction-Commercial Bank 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.

CJSC Construction-Commercial Bank is a member of the deposit insurance system. The revocation of the banking licence is an insured event as stipulated by Federal Law No. 177-FZ 'On the Insurance of Household Deposits with Russian Banks' in respect of the bank's retail deposit obligations, as defined by law.

According to its financial statements, as of 1 April 2015, CJSC Construction-Commercial Bank was ranked 646th by assets in the Russian banking system.