The Bank of Russia has revoked the license for banking operations from Avtogradbank (Naberezhnye Chelny). In terms of assets, the credit institution ranked 218th in the banking system of the Russian Federation. This is stated in the press service of the regulator.
Avtogradbank's activities were characterized by inefficiency of the business model, reduction and deterioration of asset quality, which, along with significant incentive payments to the top management of the credit institution, led to regular losses and a decrease in the amount of its own funds, the Central Bank emphasizes.
At the same time, formal compliance with capital adequacy requirements was often ensured through scheme operations or transactions.
The Bank served clients who participated in conducting suspicious transactions in significant amounts aimed at withdrawing funds into the shadow turnover.
At the same time, the credit institution committed numerous AML/CFT violations identified by the Bank of Russia both during remote supervision and as a result of an inspection.
The Central Bank will send information about transactions conducted by the bank that have signs of committing criminal acts to law enforcement agencies.
Avtogradbank is a member of the deposit insurance system.
