Mr. Sanctions

Category: FinCEN (US)

  • August 28, 2026: OFAC adds to counter-terror and Iran sanctions

    Iran-related and Counter Terrorism Designations

    Treasury Press Release: Iran’s Access to UAE Banks Targeted Under Operation Economic Outcast

    State Press Release: U.S. Sanctions Sever Financial Lifelines of Iranian Regime

    Additions:

    The following individual has been added to OFAC’s SDN List:

    OFAC Programs:

    • SDGT  Global Terrorism Sanctions Regulations, 31 C.F.R. part 594
    • IFSR  Iranian Financial Sanctions Regulations, 31 C.F.R. part 561

    TAEEDI, Reza Mohammad

    • Address: Dubai, United Arab Emirates
    • DOB: 24 Aug 1975
    • Nationality: Iran
    • Additional Sanctions Information: Subject to Secondary Sanctions
    • Gender: Male
    • Passport: P6602606
    • Alt. Passport: E96037407
    • National ID No.: 784-1975-3624749-3 (United Arab Emirates)
    • Party Type: Individual
    • Linked to: Bank Melli Iran

    Supplemental Information: Taeedi is the general manager of Bank Melli Iran’s Dubai branch. Treasury says that branch has moved billions of dollars through accounts tied to the Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF), letting the IRGC-QF and its parent organization move funds into and out of Iran and helping fund Iran-aligned proxies, including in Iraq. State’s parallel statement describes Bank Melli more broadly as a financial hub for Iran’s armed forces, naming both the IRGC-QF and the Ministry of Defense and Armed Forces Logistics as beneficiaries. OFAC designated Taeedi under E.O. 13224, as amended, for acting on Bank Melli’s behalf.

    The following entity has been added to OFAC’s SDN List:

    OFAC Program: IRAN-EO13902  Executive Order 13902

    KAMENG TRADING LIMITED

    • Address:
      • Room 701, Unit 108, 7/F, Tower B, New Mandarin Plaza, 14 Science Museum Road, Tsim Sha Tsui, Kowloon, Hong Kong, China
      • Unit 89, 3F, Yau Lee Centre, No. 45, Hoi Yuen Rd, Kwun Tong, Hong Kong, China
    • Organization Established Date: 24 Jul 2024
    • Business Registration Number: 76846373 (Hong Kong)

    Supplemental Information: Treasury ties Kameng Trading Limited to Pedram Pirouzan Exchange House, also known as Opal Exchange, an already-designated Iranian exchange house that used the Hong Kong company to launder money for Iran. State’s statement likewise describes the firm as a Hong Kong-based company that helped already-designated Iranian individuals and entities access the international financial system. OFAC designated Kameng Trading Limited under E.O. 13902 for operating in the financial sector of the Iranian economy.

    and here is the NPRM (Notice of Proposed Rulemaking) of the Section 311 designation proposed by FinCEN:

    Banque-Misr-UAE-NPRMDownload

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  • April 8, 2026: FinCEN & OFAC propose rule to implement GENIUS Act

    Treasury Proposes Rule to Implement the GENIUS Act’s Requirements to Counter Illicit Finance

    April 8, 2026

    Promotes American Leadership in Payment Stablecoins

    WASHINGTON—Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) and the Office of Foreign Assets Control (OFAC) issued a joint proposed rule to implement provisions of the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act).  The proposed rule, which implements the GENIUS Act’s anti-money laundering and sanctions compliance program requirements, encourages innovation in payment stablecoins while providing an appropriately tailored regime to mitigate potential illicit finance risks.

    “President Trump is strengthening American leadership in digital financial technology,” said Secretary of the Treasury Scott Bessent.  “This proposal will protect the U.S. financial system from national security threats without hindering American companies’ ability to forge ahead in the payment stablecoin ecosystem.”

    The GENIUS Act provides a framework for the federal regulation of payment stablecoins. The law directs Treasury to issue regulations that would treat permitted payment stablecoin issuers (PPSIs) as financial institutions for purposes of the Bank Secrecy Act (BSA) and impose anti-money laundering obligations on PPSIs.  The GENIUS Act also mandates that PPSIs maintain an effective sanctions compliance program and directs Treasury to issue appropriate regulations implementing such obligations.

    The proposed rule would subject PPSIs to requirements applicable to financial institutions relating to prevention of money laundering and impose obligations specified in the GENIUS Act. Consistent with FinCEN’s efforts to modernize BSA requirements, the proposed obligations are designed to be fit for purpose, assist law enforcement, and minimize unnecessary burden. The proposed rule would require PPSIs to adopt and maintain an effective sanctions compliance program as required by the GENIUS Act.

    FinCEN and OFAC welcome public comments on the proposal, which will be published in the Federal Register in the coming days.

    Notice of Proposed Rulemaking

    PPSI-AMLCFT-NPRMDownload

    Fact Sheet

    FactSheet-PPSI-program-NPRMDownload

    Report to Congress from the Secretary of the Treasury on Innovative Technologies to Counter Illicit Finance Involving Digital Assets

    GENIUS-Act-Illicit-Finance-Innovation-Congressional-Report-March-2026Download

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