Russia’s Central Bank (CBR) has revoked banking licenses from Perm-based Ecoprombank, Vladikavkaz-based Art-Bank and Moscow-based non-banking credit institution Clearing Bank Center, the authority said in a statement Monday.

Ecoprombank conducted a high risk lending policy by investing funds in low quality assets unable to generate enough cash flow, and failed to meet demands of its creditors, the CBR said.

Art-Bank also conducted a high risk lending policy, lost it liquidity and failed to meet the creditors’ demands, the regulator said.

Clearing Bank Center did not comply with provisions of the laws prohibiting money laundering and terrorism financing by not duly identifying its clients. It was also involved in shady operations including driving money abroad with the amount exceeding 8 billion rubles in 2013.

Ecoprombank and Art-Bank are members of the deposit insurance system, which means that each client will receive redemption of their deposits to the sum of up to 700,000 rubles. The Deposit Insurance Agency (DIA) said that it would start repaying compensations to the banks’ clients no later than on September 1.