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Central Bank strips three Russian banks of licenses

The Central Bank of Russia has withdrawn licenses from three banks, the CBR press department said Friday.

It said the International Social Bank, the Commercial Bank, and the Universal Commercial Bank Era lost their licenses to conduct banking operations over failures to comply with federal banking laws and CBR regulations. In particular, the three banks violated money laundering laws and disclosure procedures, overstated their financial reserves, and were found guilty of other financial irregularities. The CBR placed the banks under external management pending a court ruling on bankruptcy or putting them into receivership. (rian.ru)