Massive International Iranian Sanctions Evasion Ring Uncovered

The U.S. Treasury has taken action against a bevy of individuals and financial institutions accused of facilitating sanctions evasion on behalf of Iranian entities, moving more than a billion dollars and euros through an elaborate array of intermediaries and front companies.

Ansar Bank, which is controlled by the Islamic Revolutionary Guard Corps (IRGC), was the tip of an iceberg of front companies that provided access to the international financial system to circumvent U.S. restrictions on the movement of funds.

The bank used its foreign currency exchange arm, Ansar Exchange, to change Iranian rial into dollars and euros, which would then be banked by Ansar Bank on behalf of the IRGC and the Ministry of Defense and Armed Forces Logistics (MODAFL).

To continue reading...

Our Key Benefits

PaymentsCompliance is a premium information service for compliance, legal and regulatory professionals. Our award-winning regulatory monitoring platform is used by many of the world's leading payment services providers and e-money institutions, regulators, challenger banks, fintechs and law firms.

We keep our clients informed of critical regulatory change and help them understand, with in-depth analysis, when change is coming and the implications for their organisation.

We provide our clients with a quantifiable and significant ROI by reducing the amount of time and money spent monitoring and analysing regulatory environments in multiple jurisdictions.