The National Bank of Ukraine (NBU) has decided to revoke the banking license and liquidate Bank Soyuz under an accelerated procedure for systematic violations in the sphere of financial monitoring legislation, the NBU announced on the website.

According to the report, the relevant decision was fixed in regulator resolution No. 162/BT dated March 15.

Bank Soyuz within the last two years had been repeatedly brought to responsibility for violations in the field of financial monitoring legislation and at the same time it interfered with the audit in March 2016.

In addition, according to the State Fiscal Service of Ukraine, NBU conclusions with respect to the identified financial transactions of the bank's customers during the previous audit carried out in 2015 were attached to the materials of criminal proceedings (criminal offenses under Part 5 of Article 191, Part 2 of Article 205 and Part 3 of Article 209 of the Criminal Code of Ukraine).

According to the NBU, the liquidation of Bank Soyuz will not affect the stability of the financial market: as of February 1, 2016 the bank had fewer than 300 individual depositors, whose deposits will be compensated by the Individuals' Deposit Guarantee Fund.