Feb 26, 2026, 5:24 p.mFeb 26, 2026, 5:37 p.m
The US Money Laundering Authority classifies the Zurich-based MBaer Merchant Bank as a “primary risk for money laundering”. The Swiss financial market supervisory authority Finma is now appointing an audit officer at the bank following an enforcement procedure.
The US authority FinCEN (Financial Crimes Enforcement Network) wants to deny Zurich-based MBAer access to the US financial system, as the US Treasury Department announced on Thursday. MBaer “smuggled hundreds of millions of dollars through the US financial system on behalf of illegal actors with connections to Iran and Russia,” writes the ministry.
Specifically, this is intended to prohibit US banks from opening or maintaining correspondent accounts for MBAers or in their names, the Swiss Finma also wrote in its own statement on Thursday. FinCEN’s proposed measures are currently undergoing public consultation.
Finma gets involved
Finma is in contact with the bank and FinCEN in connection with the case, the Swiss authority further emphasized in its statement. Meanwhile, Finma’s enforcement proceedings against Bank MBaer, which were concluded three weeks ago, are currently pending before the Federal Administrative Court.
Due to the pending complaint process, Finma is not able to implement its own measures at MBaer Merchant Bank AG, it said. However, a Finma audit officer has now been appointed as a “monitor”.
MBaer analyzes the case
The affected MBaer Bank itself has taken note of FinCEN’s decision, as it wrote in a statement at the request of the AWP news agency. However, a specific statement on the case will only be made after consultation with our own US lawyers.
MBaer will continue to cooperate fully with the responsible authorities and support the work of Finma’s appointed audit officer, it was said. The bank is carefully examining the announced measures and will protect its interests in the planned procedure.
At the same time, the bank emphasized that it has a solid capital and liquidity base and is continuing its business activities as far as possible. (awp/sda)