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US Treasury Orders Banks to Flag $4B Iran Oil Laundering

5/12/2026

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Summary

Story summary

The U.S. Treasury Department is asking banks to flag customers suspected of laundering funds for Iran’s Revolutionary Guard and to watch for oil shipments that conceal Iranian origin.
The Treasury’s Financial Crimes Enforcement Network reported Iran-linked oil firms processed about $4 billion in 2024.
Shipping firms in Iraq, the United Arab Emirates and Hong Kong moved roughly $707 million through U.S. accounts in 2024.

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Story summary

The U.S. Treasury Department is asking banks to flag customers suspected of laundering funds for Iran’s Revolutionary Guard and to watch for oil shipments that conceal Iranian origin.
The Treasury’s Financial Crimes Enforcement Network reported Iran-linked oil firms processed about $4 billion in 2024.
Shipping firms in Iraq, the United Arab Emirates and Hong Kong moved roughly $707 million through U.S. accounts in 2024.