The Financial Crimes Enforcement Network (FinCEN) issued an advisory to help financial institutions identify, prevent, and report suspicious activity linked to Iranian illicit finance, including oil smuggling, “shadow banking,” and weapons procurement. The advisory replaces FinCEN’s 2018 Iran Advisory, which FinCEN has rescinded. The advisory is positioned as supporting the implementation of the United States’ maximum pressure campaign against Iran outlined in National Security Presidential Memorandum (NSPM-2) and provides updated red flags and information on current trends and typologies for Iranian sanctions evasion and other illicit activity. Concurrently, the Treasury’s Office of Foreign Assets Control designated more than 30 individuals and entities tied to Mansour, Nasser, and Fazlolah Zarringhalam, described as having laundered billions of dollars through the international financial system via Iranian exchange houses and foreign front companies as part of Iran’s “shadow banking” network.
Financial Crimes Enforcement Network 2025-06-06
Financial Crimes Enforcement Network issues updated Iran advisory on oil smuggling and shadow banking and rescinds 2018 guidance
FinCEN issued an advisory to help financial institutions identify and report suspicious activities related to Iranian illicit finance, including oil smuggling and "shadow banking." This replaces the 2018 Iran Advisory and supports the U.S. pressure campaign against Iran, providing updated red flags for sanctions evasion. Concurrently, the Treasury's Office of Foreign Assets Control designated over 30 individuals and entities linked to the Zarringhalam network for laundering billions through Iran's "shadow banking" system.