$9 Billion in Iranian Funds Moved Through U.S. Banks Amid Ongoing Sanctions

The U.S. Treasury's Financial Crimes Enforcement Network (FinCEN) has identified over $9 billion in potential Iranian shadow-banking activity that passed through U.S. correspondent accounts in 2024.

Foreign shell companies accounted for about $5 billion of this activity, while dozens of foreign oil companies that appeared to be Iranian front companies transacted roughly $4 billion.

Iranian entities do not necessarily need direct access to American banks to gain access to the dollar system. Foreign financial institutions maintain correspondent accounts with U.S. banks to settle international transactions, allowing funds to pass through the American banking system even when the underlying parties are based elsewhere.