Ex-US Congressman's Russian bank stripped of license - InfoNews

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Ex-US Congressman's Russian bank stripped of license

April 05, 2019 - 3:36 AM

MOSCOW - A small Russian bank owned by former U.S. congressman Charles Taylor has been stripped of its license after allegedly breaking anti-money laundering rules.

Russia's central bank says that Commercial Bank of Ivanovo committed "numerous" breaches of anti-money laundering legislation and inflated the value of its assets.

The central bank has appointed administrators and says more than 70 per cent of CBI's lending was "low-quality loans."

Taylor, a Republican widely considered a hard-line conservative, was a congressman from North Carolina between 1991 and 2007.

Central bank records show Taylor owns more than 80 per cent of CBI, a regional lender based in the textile-manufacturing city of Ivanovo, just over 150 miles (245 kilometres) north-east of Moscow.

News from © The Associated Press, 2019
The Associated Press

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