10/31/2025

FinCEN Identifies $9 Billion of Iranian Shadow Banking Activity in 2024

Financial Crimes Enforcement Network

WASHINGTON—Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a Financial Trend Analysis (FTA) identifying approximately $9 billion of potential Iranian shadow banking activity that occurred through U.S. correspondent accounts in 2024, based on reporting from U.S. financial institutions. This FTA, which supports President Trump’s maximum pressure campaign on Iran, will help to ensure financial institutions are tracking and countering the threat posed by Tehran’s shadow banking activity.

Tehran relies on shadow banking networks of Iran-based exchange houses and foreign companies to evade sanctions, sell oil and other commodities abroad, launder money, sustain its regional terrorist proxies, and fund its military and weapons programs. Iranian shadow banking networks are connected across continents—most prominently through the United Arab Emirates (UAE), Hong Kong, and Singapore—by a diverse array of Iranian front companies. This includes oil companies, shell companies, shipping companies, investment companies, and technology procurement companies, which transact billions of dollars with each other and with unrelated companies, who may be witting or unwitting counterparties.

“Identifying Iran’s complex financial lifelines and shadow networks is an essential part of cutting off the funding for their military, weapons programs, and terrorist proxies,” said FinCEN Director Andrea Gacki. “By issuing this public analysis, we hope to draw attention to Iran’s shadow banking activity and encourage financial institutions to be vigilant.”