U.S. Treasury Proposes Cutting Swiss Bank from Financial System Over Alleged Sanctions Violations

The U.S. Treasury Department proposed a rule to cut off Swiss bank MBaer Merchant Bank AG from the U.S. financial system, alleging the bank and its employees facilitated money laundering and terrorist financing linked to Iran's Islamic Revolutionary Guard Corps, Russia, and Venezuela. The proposal targets the bank's alleged support for illicit actors under U.S. sanctions, including involvement in corruption and financial crimes. The rule is pending finalization.