Treasury Targets Swiss Bank as Money Laundering Threat in New Proposal
Published Date: 3/2/2026
Proposed Rule
Summary
FinCEN is proposing new rules to stop MBaer Merchant Bank AG, a Swiss bank, from using U.S. financial systems because it’s linked to serious money laundering risks. U.S. banks would have to block MBaer from opening accounts and be extra careful with any transactions involving them. Comments on this plan are open until April 1, 2026, so the public can weigh in before it becomes official.
Analyzed Economic Effects
3 provisions identified: 0 benefits, 3 costs, 0 mixed.
Ban on U.S. Banks Holding MBaer Accounts
FinCEN proposes, under section 311 of the USA PATRIOT Act, to prohibit U.S. financial institutions from opening or maintaining a correspondent account for or on behalf of MBaer Merchant Bank AG. This is a proposed rule in which FinCEN finds MBaer to be of primary money laundering concern and would bar U.S. correspondent relationships with the Swiss bank.
Block U.S. Processing of MBaer-Related Wires
FinCEN proposes to require U.S. financial institutions to take reasonable steps not to process a transaction in the United States for a foreign bank's correspondent account if that transaction involves MBaer. U.S. banks would need to identify and stop transactions routed through correspondent accounts that involve the Swiss bank.
Extra Due Diligence on Foreign Correspondents
FinCEN proposes that U.S. financial institutions apply special due diligence to their foreign correspondent accounts to guard against those accounts being used to process transactions involving MBaer. Banks would need to apply enhanced, MBaer-focused AML/CFT checks to correspondent relationships.
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Key Dates
Department and Agencies
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