The U.S. Treasury Department said it has taken action against A7 Network, describing the move as unprecedented. Treasury accused A7 Network of operating as a Russia-linked shadow banking network and said the Iranian regime used it to evade sanctions. The department also designated the network as a significant transnational criminal organization.
At the same time, the Financial Crimes Enforcement Network, or FinCEN, proposed a rule that would prohibit transactions involving sub-agents tied to A7 Network. FinCEN also issued an alert aimed at helping financial institutions identify and report suspicious activity connected to the network. The update was posted by the U.S. Treasury account @USTreasury.
The U.S. Treasury Department said it has taken action against A7 Network and described the step as unprecedented.
Treasury accused A7 Network of being a Russia-linked shadow banking network. It also said the Iranian regime used the network to evade sanctions, and designated it as a significant transnational criminal organization.
FinCEN proposes rule targeting related transactions
The Financial Crimes Enforcement Network, or FinCEN, proposed a rule that would prohibit transactions involving sub-agents of A7 Network.
FinCEN also issued an alert to help financial institutions detect and report suspicious activity tied to the network.
The information was posted by the U.S. Treasury account @USTreasury.
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