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The Central Bank of Russia revoked the license of the Bank planned to establish a system of settlements with Syria and Iran

Monday, September 4, the Central Bank of Russia withdrew the license for banking operations from Moscow’s Russian international Bank (RMB the Bank), reports TASS.

The Bank is the participant of system of insurance of contributions by total assets at 1 August took according reporting 137-th place in the Russian banking system, the regulator reported.

According to the Bank, the business model of RMB Bank largely focused on high-risk lending to borrowers, including non-residents related to the end-beneficiaries of the credit institution. Due to the unsatisfactory quality of assets not generating sufficient cash flow, the Bank was unable to timely fulfill obligations to creditors.

In addition, the credit institution does not comply with the requirements of the legislation and statutory acts of Bank of Russia in the field of combating the legalization (laundering) of incomes obtained in a criminal way and financing of terrorism in parts of timely and accurate reporting of information to the authority, the publication reported.

September 1, the newspaper «Vedomosti» wrote that Russian strategic investor, an international Bank might become the Republican development Bank, registered in South Ossetia. This publication was quoted in a press release RMB, in which it was said that after the change of owners the Bank will provide «a full range of financial services to corporate and private clients» in South Ossetia, and subsequently plans to organize a «stable, transparent system of international payments with the Syrian Arab Republic and the Islamic Republic of Iran, and will also consider opening in these countries, their missions».

The Central Bank of Russia revoked the license of the Bank planned to establish a system of settlements with Syria and Iran 04.09.2017

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