FINMA Contacts Bank After US Names it Money Laundering Concern

FINMA Switzerland News

Published February 26th, 2026

Detected March 12th, 2026

Summary

FINMA is in contact with MBaer Merchant Bank AG and FinCEN after the US designated the bank as a primary money laundering concern. FinCEN is proposing measures under the USA PATRIOT Act, which are currently undergoing public consultation. FINMA has appointed an audit agent at the bank.

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What changed

The US Financial Crimes Enforcement Network (FinCEN) has designated MBaer Merchant Bank AG as a financial institution of primary money laundering concern and is proposing measures under Section 311 of the USA PATRIOT Act, which would prohibit US banks from opening or maintaining correspondent accounts for the bank. This designation is currently undergoing public consultation. FINMA, which previously concluded enforcement proceedings against MBaer Merchant Bank AG concerning anti-money laundering rules and risk management, is in contact with both the bank and FinCEN. FINMA has appointed an audit agent to monitor the bank during the ongoing legal proceedings, as the bank has appealed FINMA's ruling to the Swiss Federal Administrative Court.

Regulated entities, particularly banks with correspondent relationships, should monitor the outcome of FinCEN's proposed measures and FINMA's ongoing actions. While FINMA's own measures are pending the appeal, the appointment of an audit agent signifies heightened scrutiny. Compliance officers should be aware of potential increased due diligence requirements and the implications of FinCEN's designation on international correspondent banking relationships. The public consultation period for FinCEN's proposed rule is a critical window for industry feedback.

What to do next

Monitor FinCEN's proposed measures under Section 311 of the USA PATRIOT Act.
Review existing correspondent banking relationships with MBaer Merchant Bank AG.
Stay informed on the outcome of the appeal proceedings before the Swiss Federal Administrative Court.

Penalties

Proposed measures under Section 311 of the USA PATRIOT Act, including prohibition of correspondent accounts with US banks.

Source document (simplified)

News

26 February 2026 Press release 2026

Measures at MBaer Merchant Bank AG

The US Financial Crimes Enforcement Network (FinCEN) announced today that it considers MBaer Merchant Bank AG to be a financial institution of primary money laundering concern. FINMA is in contact with the bank and FinCEN in connection with the case. The enforcement proceedings previously concluded by FINMA against the bank are currently pending before the Federal Administrative Court. FINMA has appointed an audit agent at the bank. Three weeks ago, the Swiss Financial Market Supervisory Authority FINMA concluded enforcement proceedings against MBaer Merchant Bank AG concerning, among other things, anti-money laundering rules and risk management in the area of sanctions. The ruling is not yet legally binding; an appeal submitted by the bank is pending before the Swiss Federal Administrative Court. The court has ordered accompanying measures for the duration of the legal proceedings. Due to the pending appeal proceedings, FINMA was unable to implement its own measures at MBaer Merchant Bank AG. However, it has appointed an audit agent as a monitor at the bank.

According to today’s official announcement, FinCEN has designated MBaer Merchant Bank AG as a financial institution of primary money laundering concern and is proposing measures under Section 311 of the USA PATRIOT Act to combat money laundering and terrorist financing. Specifically, US banks are to be prohibited from opening or maintaining correspondent accounts for MBaer Merchant Bank AG or on its behalf. The measure proposed by FinCEN is currently undergoing public consultation.

FINMA is in contact with FinCEN. The Financial Market Supervision Act and a bilateral Memorandum of Understanding (MoU) between the authorities provide the basis for this contact.