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that it proposed to name the bank as a “financial institution of primary money laundering concern”, the bank has withdrawn the appeal against FINMA’s decision, and a liquidator has now been appointed to oversee the bank’s liquidation.