US urges banks to report suspected Iranian money laundering tied to crypto networks

The US Treasury Department has issued new guidance urging financial institutions to detect and report money laundering linked to the Iranian Revolutionary Guard Corps. The advisory highlights the use of shell companies, falsified shipping documentation, and cryptocurrency networks to facilitate Iran’s sanctioned oil trade, which exceeds $10 billion annually. To combat these activities, the Treasury is emphasizing enhanced due diligence and monitoring of high-risk transactions. Furthermore, the US has signaled that it may impose secondary sanctions on international banks, specifically those in China, that facilitate financial flows connected to Iranian entities. This regulatory pressure is expected to increase compliance costs and operational scrutiny for banks dealing with crypto assets from high-risk jurisdictions.

(Source：Crypto Briefing)