The Financial Crimes Enforcement Network today proposed a rule to sever MBaer Merchant Bank of Switzerland from the U.S. financial system because of its alleged ties to illicit actors linked to Russia and Iran.
If finalized, the proposed rule under section 311 authority would prohibit covered U.S. financial institutions from opening or maintaining a correspondent account for or on behalf of MBaer.
“Banks should be on notice that the U.S. Treasury will aggressively protect the integrity of the U.S. financial system using the full force of our authorities,” Treasury Secretary Scott Bessent said in a statement.










