FinCEN Proposes Cutting MBaer Off from U.S. Banking Ties Over Iran and Russia Links
TL;DR
FinCEN proposed a rule under the USA PATRIOT Act to prohibit U.S. financial institutions from opening or maintaining a correspondent account for MBaer Merchant Bank AG, citing its alleged role in moving funds for illicit actors tied to Iran and Russia and over $100 million funneled through the U.S. financial system; the rule would effectively sever MBaer’s access to the U.S. financial system and invites public comments within 30 days of publication.
- Treasury Proposes Rule to Sever Swiss Bank MBaer’s Access to U.S. Financial System U.S. Department of the Treasury (.gov)
- US moves to cut off a Swiss bank over alleged Iran and Russia money flows Yahoo Finance
- U.S. Treasury proposes severing a Swiss bank from the U.S. financial system over Iran and Russia links MarketWatch
- US Says Swiss Bank MBaer Could Lose Access to Financial System Bloomberg.com
- Treasury Moves to Block Swiss Bank Over Iran, Russia Money Laundering Claims Fine Day 102.3
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Read on U.S. Department of the Treasury (.gov)