The Central Bank of Russia nullified the license of Novy Kommerchesky Bank of Makhachkala. The bank has the 825th largest assets on the list of Russian banks, as of July 1, RIA Novosti reports.
The bank has not been forming sufficient reserves for possible loan debts. It violated the law on prevention of money-laundering, financing terrorism, identification of clients. The bank was involved in dubious operations worth over 1 billion rubles in 2013.
