Russia: Moscow “PFS-Bank” could be deprived of a license for money laundering



The Central Bank of Russia has revealed the reasons for the deprivation of PFS-Bank’s license, saying that the bank is suspected of money laundering proceeds from crime and that it is guilty of offence involving not documenting operations with high risk, and thereby refraining it from the appropriate authorized body to take due actions, which is a violation of the law. The regulator said that PFS Bank engaged in illegal cash transactions, and violated laws governing banking operations.