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Washington D.C. - The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has issued an advisory warning financial institutions and virtual currency providers to be vigilant against Iranian shipping companies that use deceptive tactics to evade U.S. sanctions.

Background

Iran has a history of using precious metals, such as gold, to evade U.S. sanctions and facilitate the sale of Iranian oil and other goods abroad. The country’s use of virtual currencies like bitcoin is also growing, providing potential avenues for individuals and entities to evade sanctions.

Advisory

Financial institutions and virtual currency providers should be aware of the following tactics used by Iran-related shipping companies:

Precious metals: Iran has historically used precious metals, such as gold, to evade U.S. sanctions and facilitate the sale of Iranian oil and other goods abroad.
Virtual currencies: The use of virtual currencies like bitcoin is growing in Iran, providing potential avenues for individuals and entities to evade sanctions.

Recommendations

Financial institutions and virtual currency providers should take the following steps:

Conduct appropriate due diligence to ensure they are not directly or indirectly providing services to sanctioned parties.
Review blockchain ledgers for activity that may originate or terminate in Iran.
Be aware of the international virtual currency industry’s dynamic nature and potential new business models.
Report any suspicious activity related to these tactics to FinCEN’s SAR system.

Additional Information

For more information, please contact OFAC’s Toll-Free Hotline at 1-800-540-6322 or email OFAC’s Feedback Account at OFAC_Feedback@treasury.gov.

Disclaimer

This advisory is intended for general informational purposes only and should not be considered legal advice. It is the responsibility of each financial institution and virtual currency provider to comply with all applicable laws, regulations, and sanctions requirements.

FinCEN Advisory

FIN-2019-A006 Date: [Insert Date] Subject: Iran-Related Shipping Companies’ Deceptive Practices and Virtual Currencies To: Financial Institutions, Virtual Currency Providers, and Other Relevant Parties

The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) is issuing this advisory to inform financial institutions and virtual currency providers of the potential risks associated with Iranian shipping companies that use deceptive tactics to evade U.S. sanctions.