Swiss MBaer bank labelled money laundering threat by US
The Swiss MBaer Merchant Bank has been called a "primary risk for money laundering" by the United States authorities.
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Swiss MBaer bank labelled money laundering threat by US
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The Swiss Financial Market Supervisory Authority (FINMA) has appointed an investigating officer at the Zurich-based bank following enforcement proceedings.
The US Financial Crimes Enforcement Network (FinCEN) wants to deny MBaer access to the US financial system, the US Treasury Department announced on Thursday.
MBaer has “channelled hundreds of millions of dollars through the US financial system on behalf of illicit actors with ties to Iran and Russia”, states FinCEN.
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Specifically, US banks are to be prohibited from opening or maintaining correspondent accounts for MBaer or in its name, said FINMA on Thursday. The proposed FinCEN measure is currently undergoing public consultation.
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FINMA is in contact with the bank and FinCEN in connection with the case. 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 legal proceedings, FINMA is unable to implement its own measures at MBaer. However, a FINMA investigator has now been appointed as a “monitor”.
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Adapted from German by AI/mga
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