Treasury Proposes Rule to Sever Swiss Bank MBaer’s Access to U.S. Financial System

Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) proposed a rule that, if finalized, would sever MBaer Merchant Bank AG (MBaer’s) access to the U.S. financial system as a result of its financial support to illicit actors linked to Russia and Iran. If finalized, the proposed rule would prohibit covered U.S. financial institutions from opening or maintaining a correspondent account for, or on behalf of, MBaer.

Treasury Press Release

• Treasury Proposes Rule to Sever Swiss Bank MBaer’s Access to U.S. Financial System

Notice of Proposed Rulemaking

• Proposal of Special Measure Regarding MBaer Merchant Bank AG as a Financial Institution Operating Outside of the United States of Primary Money Laundering Concern

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