{"id":4759,"date":"2026-05-11T18:02:18","date_gmt":"2026-05-11T18:02:18","guid":{"rendered":"https:\/\/siliconvalleymovingpost.com\/?p=4759"},"modified":"2026-05-11T18:02:18","modified_gmt":"2026-05-11T18:02:18","slug":"treasury-department-tells-us-banks-to-flag-suspected-iranian-money-laundering-networks","status":"publish","type":"post","link":"https:\/\/siliconvalleymovingpost.com\/?p=4759","title":{"rendered":"Treasury Department tells US banks to flag suspected Iranian money-laundering networks"},"content":{"rendered":"
\n

By FATIMA HUSSEIN<\/strong><\/p>\n

WASHINGTON (AP) \u2014 The Treasury Department wants U.S. banks and other financial institutions to monitor for suspected Iranian money laundering networks that use their funds to smuggle sanctioned oil through shell companies and crypto networks.<\/p>\n

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The move, which effectively deputizes the global financial system to help disrupt Iran\u2019s sanctions-evasion infrastructure, comes as the U.S. and Iran reached another impasse over how to end their war while their ceasefire has grown increasingly shaky.<\/p>\n

President Donald Trump on Monday said the Iran ceasefire is on \u201clife support\u201d after he rejected Tehran\u2019s latest proposal to end the war.<\/p>\n

The Trump administration is calling on banks to flag certain customers who may launder funds for Iran\u2019s Revolutionary Guard \u2014 including newly formed companies moving unusually large amounts of money, firms that route payments through multiple intermediaries or transactions connected to Iranian crypto firms, among other indicators.<\/p>\n

As part of the U.S. initiative to monitor Iranian oil sales, banks are being asked to watch out for oil labeled as \u201cMalaysian blend\u201d to disguise its Iranian origin, missing or falsified shipping documents or ship-to-ship oil transfers that obscure where cargo came from.<\/p>\n

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A Treasury Financial Crimes Enforcement Network report released Monday says oil firms linked to Iran conducted roughly $4 billion in transactions in 2024.<\/p>\n

And dozens of shipping companies based in Iraq, the United Arab Emirates and Hong Kong \u2014 all connected to transporting sanctioned Iranian oil \u2014 processed about $707 million through U.S. accounts in 2024.<\/p>\n

\n<\/div>\n

Along with a bombing campaign in Iran, the Trump administration has turned toward an economic-focused effort aimed at choking Tehran into submission, through sanctions and the threat of secondary sanctions on Iran\u2019s allies.<\/p>\n

In April, Treasury sent a letter to financial institutions in China, Hong Kong, the UAE, and Oman threatening to levy secondary sanctions for doing business with Iran and accusing those countries of allowing Iranian illicit activities to flow through their financial institutions.<\/p>\n

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The Treasury Department wants U.S. banks to monitor suspected Iranian money laundering networks. 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