OREANDA-NEWS. By its Order No. OD-1635, dated 10 July 2015, the Bank of Russia revoked the banking licence from the credit institution Joint-Stock Bank Aldanzolotobank, joint-stock company CB Aldanzolotobank JSC (Registration No. 854, the town of Aldan, the Republic of Sakha (Yakutia)) from 10 July 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 a year of the requirements stipulated by Articles 6, 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 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 Aldanzolotobank JSC implemented high-risk lending policy and failed to create loan loss provisions commensurate with risks taken. Besides, CB Aldanzolotobank 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. The rules of internal control in respect of anti-money laundering and combatting the financing of terrorism of CB Aldanzolotobank JSC did not comply with the Bank of Russia regulations. Besides, the credit institution was involved in conducting dubious transactions of cash withdrawals abroad, and also large-value dubious transit operations.

By its Order No. OD-1636, dated 10 July 2015, the Bank of Russia has appointed a provisional administration to CB Aldanzolotobank 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.

CB Aldanzolotobank JSC 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 July 2015, CB Aldanzolotobank JSC was ranked 587th by assets in the Russian banking system.