Swiss financial regulator FINMA says that a liquidation order for MBaer Merchant Bank AG is now effective after Washington threatened to cut the Swiss private bank’s access to the US financial system for breaching sanctions against Iran, Russia and Venezuela.
FINMA concluded enforcement proceedings against MBaer three weeks ago, but due to an MBaer appeal, which the bank withdrew on Friday, FINMA was previously unable to implement its own measures, it says.
In the course of its proceedings, FINMA found that the bank did not have adequate measures in place to combat money laundering and enabled clients to circumvent official asset freezes, it adds.
“The case is extremely serious,” the regulator says.
“Through its conduct and inadequate organization, (the bank) exposed itself and the Swiss financial centre to disproportionately high risks,” FINMA adds.
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