You're reading: Bloomberg: Ex-congressman’s Russian bank loses license for money laundering

A regional Russian bank owned by a former U.S. congressman had its license revoked Friday for violations that included breaking rules against money laundering.

Commercial Bank of Ivanovo, in which Republican former North Carolina Representative Charles Taylor owns an 80 percent stake, regularly broke anti-money laundering regulations, misrepresented the size of its provisions and used “schemes” to artificially inflate its capital, according to a central bank statement.

Read more here.