OREANDA-NEWS. By its Order No. OD-1107, dated 20 May 2015, the Bank of Russia revoked the banking licence from the Moscow-based credit institution joint-stock company Professional Bank or JSC ProBank (Registration No. 2471) from 20 May 2015.

The Bank of Russia took such an extreme measure - revocation of the banking licence - because of the repeated violations within a year of the requirements of Article 7 (except for Clause 3 of Article 7) of the Federal Law 'On Countering the Legalisation (Laundering) of Criminally Obtained Incomes and the Financing of Terrorism'.

JSC ProBank did not comply with the requirements of the legislation on anti-money laundering and the financing of terrorism in terms of timely notification of the authorised body about operations subject to obligatory control. Besides, the credit institution was involved in dubious transit operations.

By its Order No. OD-1108, dated 20 May 2015, the Bank of Russia has appointed a provisional administration to JSC ProBank for the period until the appointment of a receiver pursuant to the Federal Law 'On the Insolvency (Bankruptcy)' or a liquidator under Article 23.1 of the Federal Law 'On Banks and Banking Activities'. In accordance with federal laws, the powers of the credit institution's executive bodies are suspended.

JSC ProBank is a member of the deposit insurance system. The revocation of banking licence is an insured event envisaged by Federal Law No. 177-FZ 'On Insurance of Household Deposits with Russian Banks' regarding the bank's obligations on deposits of households determined in accordance with the legislation.

According to the financial statements, as of 1 May 2015, JSC ProBank ranked 414th by assets in the Russian banking system.