Swiss Regulator Orders MBaer Merchant Bank Liquidation Amid U.S. Sanction Breaches

Swiss financial regulator FINMA has ordered the liquidation of MBaer Merchant Bank AG following the U.S. threat to cut the bank's access to its financial system due to sanction breaches involving Iran, Russia, and Venezuela. The enforcement proceedings concluded after the bank's appeal withdrawal.

Swiss financial regulator FINMA has announced the liquidation of MBaer Merchant Bank AG, effective immediately. This decision follows threats from Washington to sever the Swiss private bank's access to the U.S. financial system for violating sanctions imposed on Iran, Russia, and Venezuela.

FINMA had finalized the enforcement proceedings against the bank three weeks prior. However, the implementation of this order was delayed due to an appeal filed by MBaer. On Friday, the bank withdrew its appeal, allowing FINMA to execute its measures.

The closure of MBaer Merchant Bank AG underscores the ramifications of international sanctions and their enforcement within the global banking industry.

(With inputs from agencies.)