The Central Bank of Russia (Bank of Russia) revoked the banking licence of Industry development and modernization bank (Bank IDM) and cancelled its professional securities market participant licence, citing repeated breaches of banking legislation and anti-money laundering and counter-terrorist financing requirements. It also appointed State Corporation Deposit Insurance Agency (DIA.RF) as provisional administrator, and confirmed that eligible depositors are covered by Russia’s deposit insurance framework. The bank, which ranked 292nd by assets as of 1 April 2026, had repeatedly become subject to supervisory measures over the past 12 months and failed to comply with legal requirements on countering money laundering and terrorist financing. The Central Bank of Russia stated that Bank IDM was not a significant lender to the real economy and that most transactions were conducted for the benefit of shareholders and related persons; it also flagged transactions with signs of fraudulent conveyance and reported them to law enforcement agencies. The release further alleges active involvement in suspicious transit transactions to move funds abroad, convert them into cash, and facilitate purchases of undisclosed cash takings in retail, alongside failures to detect and report suspicious customer transactions and ineffective actions by management and owners. DIA.RF will manage the bank until a receiver or liquidator is appointed, with the powers of the bank’s executive bodies suspended. Deposits are to be repaid by DIA.RF in the manner and amount set out in the federal deposit insurance law.
Central Bank of Russia 2026-04-10
Central Bank of Russia revokes Bank IDM banking licence for repeated AML and regulatory breaches and appoints DIA as provisional administrator
The Central Bank of Russia revoked the banking and professional securities licences of Industry Development and Modernization Bank (Bank IDM) for repeated breaches of banking law and anti-money laundering and counter-terrorist financing rules, appointing State Corporation Deposit Insurance Agency (DIA.RF) as provisional administrator. The authority said Bank IDM was not a significant lender to the real economy, alleged extensive suspicious and fraudulent transactions benefiting shareholders and related parties, and reported them to law enforcement. Eligible deposits will be repaid by DIA.RF under the federal deposit insurance scheme.