OREANDA-NEWS. By its Order No. OD-1637, dated 10 July 2015, the Bank of Russia revoked the banking licence from the Moscow-based credit institution Public Joint-stock Company Adelantbank or PJSC Adelantbank (Registration No. 1835) from 10 July 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 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'.

PJSC Adelantbank 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 complete data on operations subject to mandatory control. Besides, the credit institution was involved in conducting dubious operations on large-value cash withdrawals abroad, and also dubious payable-through operations.

By its Order No. OD-1638, dated 10 July 2015, the Bank of Russia has appointed a provisional administration to PJSC Adelantbank 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 July 2015, PJSC Adelantbank ranked 700th by assets in the Russian banking system.