Treasury Moves to Cut Swiss Bank MBaer’s U.S. Financial Access

Bassyonni

Published: February 26, 2026 5:01 PM ET

Treasury Moves to Cut Swiss Bank MBaer’s U.S. Financial Access

The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has proposed significant regulatory measures against MBaer Merchant Bank AG (MBaer). This action stems from allegations that the bank has provided crucial financial support to illicit activities linked to both Iran and Russia.

Treasury’s Proposed Measures Against MBaer

If finalized, the proposed rule would prevent U.S. financial institutions from opening or maintaining correspondent accounts for MBaer. Secretary of the Treasury Scott Bessent emphasized the gravity of the situation, stating that MBaer has allegedly channeled more than $100 million through the U.S. financial system for unlawful actors associated with these nations.

Details of the Allegations

MBaer has been accused of enabling activities related to:

Money laundering linked to Russian financial corruption
Financial support for Iranian terrorist organizations, including the Islamic Revolutionary Guard Corps

This bank allegedly serves as a pivotal access point to U.S. dollars for various illicit entities, which poses a threat to U.S. national security and undermines the integrity of the financial system.

Legal Framework and Consequences

The action is grounded in Section 311 of the USA PATRIOT Act. This allows FinCEN to impose “special measures” on foreign financial institutions deemed of primary money laundering concern. The proposed measure would categorize MBaer under special measure five, effectively barring U.S. financial institutions from maintaining any financial relationship with the bank.

FinCEN has opened a period for written comments on this notice of proposed rulemaking, allowing for feedback within 30 days of its publication in the Federal Register.

Encouraging Whistleblower Reporting

Additionally, FinCEN runs a whistleblower incentive program aimed at addressing violations related to the Bank Secrecy Act and other pertinent laws. Individuals who provide information that leads to successful enforcement actions may qualify for awards.

Those with relevant information regarding MBaer or related activities are encouraged to report their findings through the FinCEN Whistleblower Program.