Bank VTB & Citibank’s internal rules not approved

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

It was decided in the course of OAO Bank VTB’s extraordinary general meeting that OAO Bank VTB Severo-Zapad should be reorganized through a merger with VTB, the former bank’s reports say. VTB has already confirmed the merging agreement and stated that the company’s creditors should be informed of the news.

The internal rules and policy of Uniastrum Bank Commercial Bank have not been approved of by the Federal Financial Market Service so as to prevent money laundering and financial support of terrorist activity.

'We’ll have to keep investigating the case of Bank VTB 24 and a number of insurance companies related to violation of the competition protection law,’ the spokesperson for the Federal Antimonopoly Service said to UrBC. The Service took legal action against Bank VTB 24, Rosgosstrakh-Stolitsa, Ingosstrakh, Voenno-Strakhovaya Company, VTB Strakhovaniye Insurance Company, Rosgosstrakh-Siberia, Rosgosstrakh-Severo-Zapad, Rosgosstrakh-Povolzhye, Rosgosstrakh-Tatarstan, Rosgosstrakh-Yug, Rosgosstrakh-Ural, Rosgosstrakh-Dalniy Vostok, Rosgosstrakh-Center, Rosgosstrakh-Accord, Russkiy Mir

The internal rules and policy of Bank VTB 24 have not been approved of by the Federal Financial Market Service of the Russian Federation so as to counteract laundering proceeds from criminal activity as well as terrorist financing.