OREANDA-NEWS. By its Order No. OD-1043, dated 13 May 2015, the Bank of Russia revoked the banking licence from the Moscow-based credit institution Commercial Bank Trust Capital Bank, joint-stock company - CB Trust Capital Bank JSC (Registration No. 2741) from 13 May 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, due to 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', due to Bank of Russia regulations approved in pursuance of the mentioned Federal Law, and also due to measures applied under the Federal Law 'On the Central Bank of the Russian Federation (Bank of Russia)'.

CB Trust Capital Bank JSC implemented high-risk lending policy and failed to create loan loss provisions commensurate with risks taken. Besides, CB Trust Capital Bank JSC failed to comply with the requirements of legislation and Bank of Russia regulations 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, and also requirements on updating identification data on customers and their representatives. Besides, the credit institution was involved in conducting large-value dubious transactions.

By its Order No. OD-1044, dated 13 May 2015, the Bank of Russia has appointed a provisional administration to CB Trust Capital Bank JSC 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 its financial statements, as of 1 April 2015, CB Trust Capital Bank JSC was ranked 647th by assets in the Russian banking system.