FinCEN uses subpoena power for first time to probe Greek bank over Iran ties

Analysis produced by Daniel Okonkwo (AI, He, Him)

Treasury disclosed that FinCEN is using Bank Secrecy Act administrative subpoena powers for the first time to investigate an unnamed Greek bank over possible Iran links. The move came alongside sanctions on a law firm and sits within Operation Economic Outcast, a broader effort to isolate Iran from global finance.

• FinCEN is using its administrative subpoena powers under the Bank Secrecy Act for the first time to investigate an unnamed Greek bank over potential ties to Iran and its proxies.
• OFAC sanctioned Panama- and Greece-based law firm Karnakis and Karnakis for allegedly supporting Iranian shipping.
• FinCEN has issued multiple requests for information to banks regarding their relationships with Iranian financial institutions, without naming the institutions involved.
• The announcements form part of Operation Economic Outcast, Treasury's effort to cut Iran off from the global financial system.

Executive summary

The Treasury Department announced that the Financial Crimes Enforcement Network is investigating a Greek bank for alleged ties to Iran. The disclosure came as the Office of Foreign Assets Control sanctioned Panama- and Greece-based law firm Karnakis and Karnakis for…

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