Swiss Regulator FINMA Places MBaer Merchant Bank Into Liquidation
MBaer Merchant Bank enters liquidation after withdrawing its appeal against FINMA's license revocation over anti-money laundering failures.
MBaer Merchant Bank AG has been placed into liquidation after withdrawing its appeal against regulatory enforcement proceedings brought by the Swiss Financial Market Supervisory Authority (FINMA).
FINMA concluded its proceedings against the institution three weeks ago, during which it withdrew the bank's banking license. The regulatory investigation determined that MBaer Merchant Bank lacked an adequate organizational structure to effectively combat money laundering. According to FINMA, these structural deficiencies enabled clients to circumvent official asset freezes.
The bank subsequently appealed the decision to the Swiss Federal Administrative Court. With the withdrawal of that appeal, the regulatory liquidation order has become legally effective.
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