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Russia's Central Bank revokes license of Moscow-based bank

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MOSCOW, June 5 (RIA Novosti) - Russia's Central Bank has withdrawn the license of Moscow-based Promkreditbank over banking legislation breaches, including money laundering laws, the CBR press office said on Thursday.

Promkreditbank was stripped of its license for numerous breaches of laws on countering money laundering and terrorism over the past twelve months. In particular, the bank failed to submit information to the Federal Financial Monitoring Service within established time limits on banking operations subject to mandatory controls, the press office said.

In line with the CBR's order, a temporary external manager has been appointed, who will serve until a liquidator is appointed.

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