The Bank of Russia has nullified the license of the Kaspiy Bank in Dagestan today, RIA Novosti reports.
The bank was accused of violating the law against money-laundering and terrorism financing. The bank was involved in suspicious cash operations worth a total of 550 million rubles in 2013.
Kaspiy is a commercial bank headquartered in Makhachkala, with four offices in Makhachkala, Derbent and Nalchik. It has had a charter capital of about 189.9 million rubles since February 2013. As of the end of Q1 2014, the bank lost about 19.4 million rubles.
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