Treasury Proposes Rule to Sever Swiss Bank MBaer’s Access to U.S. Financial System

MBaer Provides Financial Support to Iran and RussiaWASHINGTON—Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) proposed a rule that, if finalized, would sever MBaer Merchant Bank AG (MBaer’s) access to the U.S. financial system as a result of its financial support to illicit actors linked to Russia and Iran. If finalized, the proposed rule would prohibit covered U.S. financial institutions from opening or maintaining a correspondent account for, or on behalf of, MBaer. “MBaer has funneled over a hundred million dollars through the U.S. financial system on behalf of illicit actors tied to Iran and Russia,” said Secretary of the Treasury Scott Bessent. “Banks should be on notice that the U.S.