Swiss Bank MBaer Gets Shut Down Over Alleged Sanction Breach

Swiss authorities revoked the license of MBaer Merchant Bank AG over evidence it helped clients evade sanctions, saying it had been a risk to the country and its financial system.

The announcement from financial regulator Finma comes a day after the US proposed cutting off MBaer from its financial system because of alleged links to Iran and Russia. The Treasury’s Financial Crimes Enforcement Network said that MBaer has been working with customers that engage in money laundering and that executives and employees were likely complicit in in some activities.