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Banks might lose licenses

A number of Russian banks fail to meet the Federal Financial Market Service’s requirements aimed at counteracting laundering proceeds from criminal activity as well as terrorist financing, Vedomosti reports. So the Service’s management intends to take strict measures against the non-compliers.

‘We often refuse to approve of banks’ internal rules and policies that do not meet the legal requirements. At the moment, we just ask the banks to adjust their rules, but if we still find problems, we’ll take action and might even cancel a bank’s license,’ Vedomosti quotes Head of the Federal Financial Market Service Vladimir Milovidov as saying.

In February 2010, the internal rules and policy of Yekaterinburg-based Bank24.ru (Life Group’s asset) were not confirmed by the Service so as to counteract laundering proceeds from criminal activity and terrorist financing.
According to Infox.ru, the rules and policy of 118 banks haven’t been confirmed by the Federal Financial Market Service since December 2009. Among these banks are Alfa-Bank, VTB 24, and Gazprombank.

Vladimir Milovidov insists that banks report to both the Central Bank of Russia and the Federal Financial Market Service, as money can be laundered through both offering loans and the stock market.
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