The U.S. Department of the Treasury’s Office of Foreign Assets Control designated Türkiye-based Golden Global Bank and two subsidiaries for providing the Iranian regime with correspondent banking access and facilitating tens of millions of dollars in transactions for the Islamic Revolutionary Guard Corps-Qods Force. The entities were designated under Executive Order 13902 as part of Operation Economic Outcast, which targets Iran’s revenue sources, sanctions evasion networks and access to the U.S. dollar. Treasury said Golden Global Bank enabled Iran’s rahbar network to transfer oil revenue from China to Türkiye for conversion into cash and gold. The bank also offered correspondent services to Iranian financial institutions and enabled transactions through accounts controlled by the IRGC-QF and its proxies. Its designated subsidiaries are Golden Global Varlik Kiralama Anonim Sirketi and Golden Global Portfoy Yonetimi Anonim Sirketi. Property and interests in property of the designated entities within U.S. jurisdiction are blocked and must be reported to OFAC. Entities owned 50% or more by blocked persons are also blocked, while foreign financial institutions facilitating significant transactions for the designated entities may face secondary sanctions, including restrictions on U.S. correspondent or payable-through accounts.
2026-09-04U.S. Department of the Treasury
U.S. Department of the Treasury designates Golden Global Bank and subsidiaries for facilitating IRGC-QF transactions
The U.S. Department of the Treasury designated Türkiye-based Golden Global Bank and two subsidiaries for facilitating tens of millions of dollars in IRGC-QF transactions and providing Iran with correspondent banking access. Their property within U.S. jurisdiction is blocked, and foreign financial institutions conducting significant transactions for them may face secondary sanctions.