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The Central Bank withdrew the license at Rosavtobank

ЦБ отозвал лицензию у Росавтобанка

The Bank of Russia has withdrawn from 4 March 2016 licence from the Moscow Rosavtobank, is spoken in the message of the regulator.

The Bank conducted high-risk lending policies and create adequate accepted risks provisions for possible losses on loans. Proper evaluation of credit risk led to a complete loss of the own funds of the credit institution.

In addition, the credit institution failed to comply with the requirements of the legislation in the field of combating money laundering and financing of terrorism. In particular, information on operations subject to mandatory control, was headed into the Bank late.

Besides, the credit institution was involved in questionable conduct of transit operations. The management and owners of Bank didn’t take effective measures on normalization of its activity, the report says.

In Rosavtobank appointed a temporary administration until the appointment of a bankruptcy Trustee or liquidator. The powers of the Executive bodies of the Bank suspended.

Rosavtobank is a member of the Deposit insurance system. According to statements by total assets of 1 February 2016 254 took place in the Russian banking system.

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