U.S. Treasury Targets Swiss Bank MBaer for Sanctions Violation

The U.S. Treasury Department has issued a significant warning to Switzerland's MBaer Merchant Bank AG, threatening to cut off its access to the U.S. financial system over alleged sanctions breaches involving Iran, Russia, and Venezuela. Officials claim the bank facilitated money laundering and terrorist financing.

This action represents one of the most severe measures within U.S. sanctions enforcement arsenal. In response, MBaer stated it will seek counsel before commenting, while Swiss regulators are also investigating the issue. The bank asserts its compliance and commitment to regulatory standards, maintaining robust capital and liquidity.

The Treasury's proposal to sever MBaer's U.S. dollar access follows alleged illegal transactions, implicating several prominent figures linked to Russian and Venezuelan regimes. FinCEN has issued a notice inviting feedback on the proposed restrictions. This marks a rare move against a Swiss bank post-9/11.