Replies to post #6466 on Freedom Holding Corp (FRHC)

[Quintessence]

Bank "Freedom Finance" successfully passed the check of the Central Bank

https://bankir.ru/novosti/20181031/bank-fridom-finans-uspeshno-proshel-proverku-tsb-10149622/

The Central Bank of Russia conducted a scheduled audit at Freedom Finance Bank, which was successful for a financial and credit institution.

The check of the regulator lasted a month and ended on October 19. The regulator has no comments on the structure of assets and the bank’s portfolio. Violations of the requirements of legislative and regulatory acts have not been established, which is recorded in the results of the audit of the Central Bank of the Russian Federation. Investment risk assessment was carried out adequately, and therefore there were no requirements for additional reserves. Also, the regulator did not find signs of illegal operations with deposits of the population. The bank does not manipulate customer deposits and fully, and in the appropriate period, pays interest due to customers. In addition, according to the results of checking the correctness of drawing up contracts, the regulator does not have any complaints about the accounting transactions.

The results of the Central Bank audit speak, first of all, about the transparency and integrity of the bank, its desire to strictly comply with the requirements of the regulator. In the situation of continuous revocation of licenses, the completion of a check of the Central Bank without significant remarks and requirements to complete the reserves is a sure sign of bank reliability and quality management.

The check of the Central Bank was carried out at once in several areas, the most significant of which were securities transactions, deposit operations and operations with other funds raised by individuals, as well as the Bank’s participation in the deposit insurance system, which was performed by the DIA.

Commenting on the results of the audit of the subsidiary, Timur Turlov, Director General of Freedom Finance, stressed that the current audit confirms the high standards of work of all Freedom Finance structures: “It is of crucial importance for us to provide quality and professional service in all areas. Estimates of the Central Bank are an important indicator of our work in the banking sector, and I am sure that in the future the bank will continue to maintain these high standards.”