FinCEN, the US Treasury’s Financial Crimes Enforcement Network, has proposed a rule to sever a Swiss bank’s access to the American financial system under Section 311 of the USA PATRIOT Act. The institution was designated as a « primary money laundering concern » for facilitating money laundering linked to Venezuela, Russia, and Iran. Simultaneously, OFAC sanctioned individuals and companies tied to Iranian money laundering networks using the UAE as a critical hub, with approximately $6.4 billion in suspicious transactions originating from Dubai. Swiss regulators initiated liquidation proceedings against the bank, and major correspondent banks ceased providing services to the institution. As of late August 2026, no final determination on the banking prohibition had been issued.
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