The U.S. Department of the Treasury has taken action against a shadow banking network with ties to Russia that was used by the Iranian regime to evade sanctions.
As part of Operation Economic Outcast, the Treasury's Financial Crimes Enforcement Network (FinCEN) proposed a rule prohibiting financial institutions from transmitting funds related to transactions involving the A7 Network's Sub-Agents. The Treasury's Office of Foreign Assets Control also designated the A7 Network as a significant transnational criminal organization, subjecting it to sanctions.
Additionally, FinCEN issued an alert to help financial institutions detect and report suspicious activity related to the A7 Network.