Swiss private bank MBaer Merchant Bank AG faces the risk of losing access to the US financial system over alleged links to Iran and Russia.
The US Treasury’s Financial Crimes Enforcement Network proposed to “sever MBaer’s access to the US financial system as a result of its financial support to illicit actors” linked to those countries, it said in a statement Thursday.
If adopted, the rule would “prohibit covered US financial institutions from opening or maintaining a correspondent account for, or on behalf of, MBaer,” it said.
MBaer “acknowledges the FinCEN notification and will issue a statement after ...
