Switzerland liquidates MBaer Merchant Bank over sanctions
Swiss regulator FINMA is winding down MBaer Merchant Bank following U.S. sanctions allegations. The bank lacked adequate controls and its board has resigned.
The financial regulator in Switzerland has announced it will wind down MBaer Merchant Bank AG following severe allegations from the United States. The move comes after Washington threatened to block the private bank's access to the U.S. financial system, citing significant breaches of international sanctions.
The U.S. Treasury Department alleged that the Zurich-based institution and its employees facilitated corruption linked to money laundering in Russia. Additionally, the bank was accused of processing transactions for the Quds Force and the Islamic Revolutionary Guard Corps of Iran, both of which are currently sanctioned by U.S. authorities.
