The central bank of Russia (The Bank of Russia) has revoked the licence of Admiralteisky Bank

The Bank of Russia statement said Admiralteisky was closed down:

  • Because it did not have enough reserves
  • It had processed large suspicious payments
  • It did not observe anti-money laundering rules
  • And had "practically stopped serving its clients"

That's from the Moscow Times ... which goes on (bolding mine):

When officials from the Central Bank searched the vaults of the lender they even found metal bars painted gold, industry website Banki.ru reported Friday, citing unidentified sources.

Uh-oh ...

Lesson: Keep your gold bars under the bed, people!