https://www.bluewin.ch/en/news/mbaer-bank-classified-as-a-money-laundering-risk-by-us-authorities-3116038.html

The US money laundering authority classifies the Zurich-based MBaer Merchant Bank as a "primary risk for money laundering". Meanwhile, the Swiss Financial Market Supervisory Authority Finma has appointed an investigating officer at the bank following enforcement proceedings.

The US authority FinCEN (Financial Crimes Enforcement Network) now wants to deny Zurich-based MBaer access to the US financial system, as the US Treasury Department announced on Thursday. MBaer has "funneled hundreds of millions of dollars through the US financial system on behalf of illicit actors with ties to Iran and Russia", writes FinCEN.

Specifically, US banks are to be prohibited from opening or maintaining correspondent accounts for MBaer or in its name, explains the Swiss Finma in its own statement on Thursday. The proposed FinCEN measure is currently undergoing public consultation.

Finma is in contact with the bank and FinCEN in connection with the case, the Swiss authority emphasized. Meanwhile, Finma's enforcement proceedings against the bank, which were concluded three weeks ago, are currently pending before the Federal Administrative Court.

Due to the pending appeal proceedings, Finma is unable to implement its own measures at MBaer Merchant Bank AG, the statement continued. However, a Finma audit officer has now been appointed as a "monitor".