US government alerts banks to IRGC’s sanctions evasion efforts using crypto and front companies
The post US government alerts banks to IRGC’s sanctions evasion efforts using crypto and front companies appeared on BitcoinEthereumNews.com. The US Treasury’s Financial Crimes Enforcement Network, better known as FinCEN, just told every bank in the country to keep its eyes wide open. The target: Iran’s Islamic Revolutionary Guard Corps and its increasingly sophisticated methods of sidestepping American sanctions through digital assets, front companies, and complicit service providers. The alert, issued on May 11, lands at a moment when US-Iran tensions are anything but quiet. FinCEN’s report estimates that Iranian digital asset activities linked to government and IRGC entities could be worth billions annually. What FinCEN is actually warning about The FinCEN alert zeroes in on the IRGC’s procurement networks. The methods flagged include the use of front companies, which act as legitimate-looking businesses that funnel money back to sanctioned entities. The alert highlights obfuscated