FinCEN: Iran a Primary Money Laundering Concern

Oct 25, 2019
The Financial Crimes Enforcement Network identified Iran as a jurisdiction of primary money laundering concern under Section 311 of the USA PATRIOT Act.

The agency issued a new rulemaking prohibiting the opening or maintaining of correspondent accounts in the United States for, or on behalf of, Iranian financial institutions.

The rule was issued concurrently with a Treasury and State department mechanism for ensuring transparency in humanitarian trade with Iran.