Central Bank of Russian Federation Warns Russian "Daughter" of IBA against Money Laundering

The Central Bank of Russia attracted to administrative responsibility Ltd. Bank IBA - Moscow (International Bank of Azerbaijan) for violating the law on money laundering. This is evidenced by material posted on the website of the Central Bank.

According to official information, the bank violated Part 1 Article 15.27 of the Administrative Code "Failure to comply with the law on countering the legalization (laundering) of proceeds from crime and terrorist financing." The bank was issued a warning. The corresponding decree entered into force November 7, 2014.

IBA - Moscow officially explained the CB message about attracting the credit organization responsible for committing administrative violations under Article 15.27 of the Administrative Violations Code of Russia. "In the course of regular monitoring CBR detected the delay by IBA - Moscow of reporting information (report as an electronic communication) on completed transactions of a customer of the bank. Given that this violation is a first for all time and in nature is unintentional and insignificant, and that the causes and conditions conducive to its commission have been eliminated, the bank was given a warning," the statement reads.

Ltd. Bank IBA - Moscow was founded on January 24, 2001. Its authorized capital, according to the Central Bank, is 2.11 billion RUR.

The parent and the sole founder of the bank IBA - Moscow is the International Bank of Azerbaijan (IBA). --17D-