The Financial Crimes Enforcement Network today issued an alert and proposed new rulemaking to designate transactions to the Russia-linked A7 Network as transactions of primary money laundering concern, with Iranian actors allegedly using the network to evade sanctions.
The A7 Network is a global wholesale sanctions evasion and money laundering service with ties to Russia, according to FinCEN. The proposed transaction restrictions were part of a series of actions the Treasury Department announced today as part of Operation Economic Outcast, which seeks to economically isolate Iran’s financial and commerce systems from the rest of the world. The Office of Foreign Assets Control also announced new sanctions against the network.
“Today’s action targeting A7 continues Treasury’s unprecedented efforts to isolate Iran and its financial enablers and sends a clear message that if you facilitate illicit finance for America’s adversaries, you will lose access to the U.S. financial system,” Treasury Secretary Scott Bessent said.
As for the alert, FinCEN lists several red flags for financial institutions that may indicate A7 activity, such as transactions to suspected shell companies in the Kyrgyz Republic or other jurisdictions with A7 activity.
