The Central Bank of the Russian Federation revoked the license of Tatarstan Avtogradbank to carry out suspicious transactions

In terms of assets, the credit institution ranked 218th in the banking system of the Russian Federation.

The bank reportedly served clients who engaged in “suspicious transactions in significant volumes” aimed at withdrawing funds into shadow circulation.

At the same time, the credit institution committed numerous AML/CFT violations, which the Bank of Russia identified both during external supervision and as a result of an inspection.

The Central Bank notes that Avtogradbank’s work was characterized by the inefficiency of the business model, reduction and deterioration in the quality of assets. This, together with large incentive payments to senior management, led to periodic losses and a decline in equity capital.

On June 17, a temporary administration was appointed to the bank, whose role will be carried out by the DIA. The powers of the company’s executive bodies have been suspended.

Bank depositors will be refunded money in the amount of 100% of the balance, but not more than 1.4 million rubles in total per client.

• The Bank of Russia began revoking bank licenses in 2024, after a pause of almost two years. Thus, in February, Qiwi Bank and Hephaestus lost their licenses, and in March, Strela Bank lost them.