PRINT
Notice to Foreign Financial Institutions Conducting Business with Iran
October 5, 2026
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is alerting foreign financial institutions that continue to do business with Iran or its financial sector that they may be sanctioned under “Operation Economic Outcast.” Foreign financial institutions continuing to transact with sanctioned Iranian financial institutions could be targeted at any time without advance notification and should take immediate action to terminate such activity and relationships.
On August 24, 2026, Secretary Bessent announced Treasury’s implementation of “Operation Economic Outcast.” As part of these efforts, Treasury expanded secondary sanctions risk under Executive Order 13902, “Imposing Sanctions with Respect to Additional Sectors of Iran” (E.O. 13902), for individuals and entities supporting the Iranian digital assets, technology, gold, aviation, and shipping sectors. On August 28, 2026, Treasury took action to...
Click the appropriate link below for access to this file.
Click the appropriate link below for access to this file.
1) “Alert” describes secondary sanctions actions and designation intent vis-à-vis the Iranian banking sector following the Determination Pursuant to Executive Order 13902 - Aviation, Digital Asset, Gold, Shipping, and Technology Sectors of the Iranian Economy. Note that, notwithstanding the Alert, FAQ # 7 remains in effect (“non-U.S. persons do not generally risk being sanctioned for engaging in or facilitating transactions for which a U.S. person would not require a specific license.”) This would cover payment processing involving Iranian banks for authorized transactions, but not maintenance of correspondent accounts and similar types of transactions.