On May 11, 2026, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued an Alert to prevent financial institutions from funding or otherwise facilitating procurement networks that support the Islamic Revolutionary Guard Corps (“IRGC”) and help them mitigate these risks. The Alert provides an overview of the IRGC’s creation, history, source of revenues, and current role in supporting the Iranian regime, including its use of shell companies and financial facilitators to launder the proceeds from the unlawful sale of Iranian oil. The Alert also identifies red flags that financial institutions can use to detect IRGC transactions involving oil smuggling, front company abuse, and digital assets. FinCEN urges financial institutions to mitigate this risk by filing suspicious activity reports (“SARs”).
FinCEN News Release | FinCEN Alert