The Central Bank revoked the licenses of two Moscow banks

The Bank of Russia revoked the license of the Moscow Smartbank and Mosvodokanalbank. This is stated in the press release published on the website of the regulator.

As reported by the Central Bank, Smartbank not execute Federal laws, regulating banking activity and normative acts of the regulator. The report notes that the Bank conducted high-risk lending policies, placing funds in low-quality assets. In addition, the Bank’s capital decreased to critical values.

The Central Bank also considered that the Bank failed to comply with the requirements in the field of combating the legalization of income obtained by criminal means and financing of terrorism, providing timely information to the authorized body. Smartbank, claims Adjuster, was involved in questionable conduct operations. The owners of the institution did not take measures to normalise its work.

Smartbank is a member of the Deposit insurance system. According to the report, the Bank ranked 378-th place in Russia by total assets.

Mosvodokanalbank in turn also placed funds in low-quality assets, said the Central Bank. The Bank did not create adequate accepted risks provisions for possible losses on loans and other assets. Having fulfilled requirements on risk assessment, the credit organization completely lost the capital.

The Bank of Russia reported that the owners of Mosvodokanalbank not provided to the authorized body information on operations subject to mandatory control. The management and owners of the institution did not take measures to normalize its activities, found in the Central Bank.

Mosvodokanalbank — the participant of system of insurance of deposits. By assets he held 532-e a place in Russia.

The Agency for Deposit insurance (DIA) reported that payments to depositors Smartbank and Mosvodokanalbank will begin no later than 1 April of this year. The insurance indemnity is paid in the amount of 100% of the sum of all contributions, but not more than 1,4 million rubles in total.