US targets Iran’s shadow banking and payment networks
Date of publication: August 15, 2025
On August 7, 2025, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) imposed sanctions on 18 entities and individuals involved in Iran’s shadow offshore banking and payment schemes. These networks are used to generate revenue and evade U.S. sanctions. This action is being taken pursuant to Executive Order (E.O.) 13902, which targets those operating in certain sectors of the Iranian economy, including Iran’s financial sector. It is also being taken in furtherance of National Security Presidential Memorandum 2, directing a campaign of maximum economic pressure on Iran.
The action targets the individuals and entities shown below. Additional details on each can be found on OFAC’s SDN List Update.
These parties are involved in operating and supporting offshore banking structures and digital payment systems that enable Iran to bypass international sanctions and maintain access to global financial networks.
All property and interests in property of the designated persons and entities within the United States, in possession or controlled by U.S. persons are blocked and must be reported to OFAC. Additionally, any entities that are owned, directly or indirectly, individually or in the aggregate, 50 percent or more by one or more blocked persons are also blocked. Unless authorized by OFAC, or exempt, OFAC’s regulations generally prohibit all transactions by U.S. persons or within (or transiting) the United States that involve any property or interests in property of blocked persons.
Violations of U.S. sanctions may result in the imposition of civil or criminal penalties on U.S. and foreign persons. OFAC may impose civil penalties for sanctions violations on a strict liability basis. Moreover, engaging in certain transactions involving the persons designated by this action may risk the imposition of secondary sanctions on participating in foreign financial institutions.
Additional information regarding OFAC’s enforcement of U.S. economic sanctions can be found in OFAC’s Economic Sanctions Enforcement Guidelines.
Conclusion
This action reinforces OFAC’s efforts to dismantle Iran’s illicit financial infrastructure.
Businesses should reassess exposure to Iranian-linked financial and tech entities and update compliance protocols.
These changes have been updated in ONESOURCE Global Trade Content.
For more information on how ONESOURCE Global Trade solutions can assist you in managing restricted party screening, please contact your Account Manager or Customer Success Manager.