Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued an advisory to aid financial institutions in identifying and reporting suspicious activities related to Iranian illicit financial operations. This includes oil smuggling, "shadow banking," and weapons procurement. The new advisory replaces FinCEN's 2018 Iran Advisory, which has been rescinded.
The updated advisory aligns with the U.S. maximum pressure campaign against Iran as outlined in National Security Presidential Memorandum (NSPM-2). It provides new red flags and information on current trends in Iranian sanctions evasion and other illicit activities.
Additionally, the Treasury’s Office of Foreign Assets Control has designated over 30 individuals and entities associated with Iranian brothers Mansour, Nasser, and Fazlolah Zarringhalam. These individuals have allegedly laundered billions of dollars through international financial systems using Iranian exchange houses and foreign front companies within Iran's "shadow banking" network.
Further details can be found in the full advisory available on FinCEN's website.
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