The Bank of Russia revoked the license two Moscow banks

MOSCOW, October 23. The Bank of Russia has withdrawn from the 23rd October 2015 the license for banking transactions from Moscow commercial Bank “Eurocommerce”, according to the regulator.

The Bank of Russia established a substantial underestimation of credit risks and the Bank of unreliable reporting. Appropriate credit risk assessment on the request of the Supervisory authority revealed the complete loss of own means (capital) of the Bank.

In addition, Eurokommerz was not in compliance with the requirements of the legislation and normative acts of the Central Bank in the field of combating the legalization (laundering) of income obtained by criminal means and financing of terrorism in parts of timely and quality reporting to the authorized body. The activities of credit organizations has been focused on the questionable conduct of transit operations on a large scale.

KB “Evrokommerts” is the participant of system of insurance of deposits. According to statements by total assets of the Bank on 1 October 2015 251 took place at Bank of the Russian Federation.

Also, the Bank of Russia revoked the license of the Moscow Greenfieldbank.