The Swiss financial market regulator “Finma“ has placed the lender “Ember Merchant Bank“ in liquidation. (MBaer Merchant Bank SA), after serious violations were found that allowed clients included in sanctions lists to bypass the blocking of their assets, AFP reported, quoted by BTA.
Yesterday, the Financial Crimes Enforcement Network of the US Treasury Department (FinCEN) accused the Zurich-based bank of transferring more than $100 million through the financial system on behalf of criminals from Iran and Russia, and recommended cutting off access to the US financial system.
“The case is extremely serious“, emphasized the Swiss regulator, which has already revoked the bank's license and ordered its liquidation. The investigation began in 2024 in connection with groups of clients linked to sanctions against Russia, the financial regulator explained.
There is also concrete evidence that “MBaer Merchant Bank“ actively helped clients circumvent the restrictions.
By the end of 2025, the Swiss bank managed assets worth 4.9 billion Swiss francs (5.39 billion euros) for nearly 700 clients and had about 60 employees.
The Zurich-based financial institution was founded in late 2018 by Michael Ber, great-grandson of Julius Ber - founder of the famous asset management company of the same name in Switzerland, AFP recalled.