November 1 2019
The Bank of Russia took this decision in accordance with Clauses 6 and 6.1, Part 1, Article 20 of the Federal Law ‘On Banks and Banking Activities’2 based on the facts that Expert Bank:
-
- Committed multiple violations of the anti-money laundering and counter-terrorist financing laws and Bank of Russia regulations. The credit institution repeatedly submitted incomplete and incorrect information to the authorised body, including on operations subject to mandatory control;
- Carried out dubious transactions involving foreign cash sale and money withdrawal abroad, as well as securities transactions having signs of cash flow substitution when retail companies transferred non-cash compensation for sale transactions to replace cash revenues;
