Central Bank revokes license of Moscow bank Rial-Kredit
The credit institution violated the requirements for countering illegal incomes laundering and financing terrorism.
The Central Bank of Russia revoked the license from Moscow's Rial-Kredit Bank. The credit institution has repeatedly violated the requirements of the legislation on countering money laundering and financing terrorism. The bank exercised insufficient control over the ongoing cash transactions and customer verification, the regulator said.
The main activity of Rial-Kredit was receiving commissions on currency exchange and servicing individuals. Lending did not exceed 17% of the bank’s assets. At the same time, the Central Bank called about half of the bank’s contracts problematic and hopeless – there was a small probability of getting they money back.
According to the regulator, in the third quarter of 2018, the bank noticeably increased the volume of money transfer operations for their further cash out. Over the past year, the Central Bank issued three orders on violations regarding the activities of Rial-Kredit and demanded that they be eliminated. The situation, however, has not improved. The bank’s management has been entrusted to a temporary administration.
In terms of the assets value, as of September 1, 2018, the named bank was ranked the 414th among the Russian banks, RIA Rating reports.
Oleg Zaytsev had wide connections within the criminal world and law enforcement agencies. This is being related to an organized crime group headed by Ruslan Kilievich that had allegedly been patronized by a former Federal Security Service Directorate officer Oleg Natalchenko. The crime group had also been a core driver for almost disbanding the criminal investigation department of the police.