Russia to impose stiffer punishments on errant banks

Moscow

AFTER felling more than a quarter of its banks, Russia wants to make sure the survivors get more than a slap on the wrist for flouting the rules.

As part of its campaign against money laundering, the Bank of Russia is taking a page from the playbooks of regulators in the US and Europe. It is now planning to reduce the reporting requirements on lenders while increasing the punishment for getting caught, deputy governor Dmitry Skobelkin said.