FinCEN Proposes Cutting MBaer Off from U.S. Banking Ties Over Iran and Russia Links
FinCEN proposed a rule under the USA PATRIOT Act to prohibit U.S. financial institutions from opening or maintaining a correspondent account for MBaer Merchant Bank AG, citing its alleged role in moving funds for illicit actors tied to Iran and Russia and over $100 million funneled through the U.S. financial system; the rule would effectively sever MBaer’s access to the U.S. financial system and invites public comments within 30 days of publication.