OREANDA-NEWS. By its Order No. OD-1438, dated 24 June 2015, the Bank of Russia revoked the banking licence from the Moscow-based credit institution Open Joint-stock Company Commercial Bank TEST or OJSC CB TEST (Registration No. 3440) from 24 June 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 within one 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', and due to the applications within one year of measures envisaged by the Federal Law 'On the Central Bank of the Russian Federation (Bank of Russia)'.

OJSC CB TEST did not observe the requirements of the legislation on anti-money laundering and combatting the financing of terrorism, including with regard to the identification of customers, their representatives and beneficiary owners. The internal control rules on anti-money laundering and combatting the financing of terrorism of CB MAST-Bank did not comply with the Bank of Russia's requirements.

The credit institution was involved in dubious large-value cash withdrawals outside the Russian Federation. Besides, OJSC CB TEST was focused on servicing customers who conducted dubious passthrough payments in their accounts. The management and owners of the bank did take measures required to normalise its activities.

By its Order No. OD-1439, dated 24 June 2015, the Bank of Russia has appointed a provisional administration to OJSC CB TEST 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 June 2015, OJSC CB TEST ranked 741st by assets in the Russian banking system.