The US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a notice of proposed rulemaking that would, if finalized, sever MBaer Merchant Bank AG’s access to the US financial system, citing the bank’s financial support to illicit actors linked to Russia and Iran. The proposal would prohibit covered US financial institutions from opening or maintaining a correspondent account for, or on behalf of, MBaer. The rulemaking frames MBaer, a Swiss bank, as a financial institution operating outside the United States of primary money laundering concern and would implement the restriction through a “special measure” focused on correspondent account access.
Financial Crimes Enforcement Network 2026-02-26
US Financial Crimes Enforcement Network proposes special measure to cut MBaer Merchant Bank AG off from US correspondent accounts
The US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) proposed a rule to cut MBaer Merchant Bank AG’s access to the US financial system due to its financial support to illicit actors linked to Russia and Iran. The rule would prohibit US financial institutions from maintaining correspondent accounts for MBaer, designating it as a primary money laundering concern.