Treasury Targets A7 Network Shadow Banking Ring Used by Iran to Evade Sanctions

The U.S. Department of the Treasury has taken unprecedented action against the A7 Network, a shadow banking network with ties to Russia used by the Iranian regime to evade sanctions, as part of Operation Economic Outcast.

Treasury's Financial Crimes Enforcement Network (FinCEN) proposed a rule that would prohibit transmittals of funds regarding transactions involving the A7 Network's Sub-Agents. FinCEN also issued an Alert to help financial institutions detect and report suspicious activity related to the A7 Network.

Separately, Treasury's Office of Foreign Assets Control sanctioned the A7 Network as a significant transnational criminal organization.

The proposed rule was submitted to the Federal Register, and FinCEN published its Alert on the A7 Network alongside the notice of proposed rulemaking.