U.S. Imposes Sanctions on Iranian Financial Entities, Individuals

Why it matters locally: While these sanctions are national in scope, financial institutions in Nevada will need to ensure compliance with the new restrictions to avoid inadvertently facilitating transactions with sanctioned entities.

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WASHINGTON – The United States has enacted new sanctions against an individual and a company, simultaneously proposing a restriction on another financial institution, citing connections to Iran's financial network. Thomas Pigott, a spokesperson for the Office of the Spokesperson, announced these measures on August 28, 2026. Reza Mohammad Taeedi, manager of the Dubai branch of Iran's Bank Melli, faces U.S. sanctions. Bank Melli has been identified as a significant financial hub for Iranian armed forces, including the Islamic Revolutionary Guard Corps-Qods Force and the Ministry of Defense and Armed Forces Logistics. Both of these entities are already subject to U.S. sanctions. Additionally, the U.S. sanctioned a Hong Kong-based company. Authorities stated this company facilitated access to the international financial system for designated Iranian individuals and entities. The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) proposed a rule to revoke Banque Misr UAE's correspondent banking access to U.S. financial institutions. The Treasury Department assesses Banque Misr UAE as a key point for the Iranian government's access to U.S. dollars. These actions fall under Executive Order 13224, as amended, a counterterrorism authority, and Executive Order 13902, which targets individuals and entities operating in Iran's financial sector. FinCEN's proposed rule invokes section 311 of the USA PATRIOT Act.