The U.S. Treasury is moving to cut MBaer Merchant Bank AG, a small Swiss bank, off from the U.S. financial system over alleged support for Iranian and Russian actors.

The bank, founded in 2018 with roughly $245 million in assets, is accused of funneling over $100 million through U.S. banks for criminals, including Iran’s Islamic Revolutionary Guard Corps and Russian actors.

Treasury’s proposed regulation would bar U.S. institutions from doing business with MBaer, citing risks to national security and the integrity of the U.S. financial system.

Treasury Secretary Scott Bessent emphasized that U.S. authorities will aggressively safeguard the financial system from illicit activity, the AP has reported.

The announcement comes as U.S. and Iranian officials hold indirect nuclear talks in Geneva, mediated by Oman, amid ongoing U.S. sanctions targeting Iran’s government and related entities.