According to Bloomberg, Former Congressman Charles Taylor is dealing with the Russian Central Bank as a regional bank in which he holds significant ownership faces accusations of regulation violations.
Bank Ivanovo, the regional bank in question, is yet another lender to fall to the central bank’s purge, which has eliminated 40% of the country’s lenders since 2013 under Governor Elvira Nabiullina.
Ivanovo had its license removed due to repeatedly breaking anti-money laundering regulations, misrepresenting the size of its provisions, and artificially inflating its capital through “schemes”.
Taylor served in the House from 1991 to 2007, representing North Carolina’s 11th district. He was part of the “Gang of Seven”, along with Newt Gingrich, who investigated a House banking scandal during his freshman term.