- within Law Department Performance topic(s)
The Swiss financial services regulator has put out a press release announcing its decision, taken several weeks ago, to revoke the licence of MBaer Merchant Bank AG for AML and sanctions compliance failings.
Initially the bank appealed this decision.
In the wake of the US regulator FinCEN announcing that it proposed to name the bank as a “financial institution of primary money laundering concern”, the bank has withdrawn the appeal against FINMA's decision, and a liquidator has now been appointed to oversee the bank's liquidation.
Disclaimer: This Alert has been prepared and published for informational purposes only and is not offered, nor should be construed, as legal advice. For more information, please see the firm's full disclaimer.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
[View Source]