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United States Office of Foreign Assets Control Issues Iran General License and Designates Turkish Financial Entities

On September 4, 2026, the United States Department of the Treasury's Office of Foreign Assets Control (OFAC) issued Iran General License CC, "Authorizing the Wind Down of Transactions Involving Certain Persons Blocked on September 4, 2026." This action accompanied the designation of three Turkish-based financial entities to OFAC's Specially Designated Nationals (SDN) List. OFAC added the following entities to the SDN List: Golden Global Portföy Yönetimi Anonim Şirketi, a financial and insurance activities company established January 15, 2025, located in Istanbul; Golden Global Varlık Kiralama Anonim Şirketi, a financial and insurance activities company established August 1, 2022, also based in Istanbul; and Golden Global Yatırım Bankası Anonim Şirketi (also known as Golden Global Investment Bank), a financial institution established October 15, 2019, with SWIFT/BIC code GOGYTRIS. All three entities are linked to one another and designated under Executive Order 13902, which targets Iran-related activities. The designations reflect ongoing United States efforts to sever Iranian regime financial networks operating through third countries. The general license permits a wind-down period for transactions involving the newly blocked persons, allowing counterparties time to cease dealings while ensuring compliance with sanctions requirements. Entities and individuals engaged in transactions with the designated Turkish companies must cease such activities or face potential civil and criminal penalties. The SDN List designations are effective immediately, and OFAC's enforcement actions apply globally to all United States persons and entities, as well as to transactions occurring within United States jurisdiction.

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US Office of Foreign Assets Control Designates Turkish Financial Institution and Subsidiaries for Facilitating Iranian Sanctions Evasion

On September 4, 2026, the US Office of Foreign Assets Control (OFAC) designated Golden Global Yatirim Bankasi Anonim Sirketi (Golden Global Bank), a Turkey-based financial institution, and its two subsidiaries—Golden Global Varlik Kiralama Anonim Sirketi and Golden Global Portfoy Yonetimi Anonim Sirketi—pursuant to Executive Order 13902. The designations target the bank's facilitation of tens of millions of dollars in transactions for the Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF) and its provision of correspondent banking access enabling the Iranian regime to move funds internationally. According to OFAC, Golden Global Bank was established to enable Iran's rahbar network to transfer oil revenues from China to Turkey, where the funds could be converted to cash and gold by money exchangers. The bank knowingly offered correspondent banking services to Iranian financial institutions, including accounts controlled by the IRGC-QF and its proxies, particularly those associated with Turkish businessman Sitki Ayan, whose network was previously sanctioned by OFAC in 2022 for moving hundreds of millions of dollars related to IRGC-QF oil sales. The two subsidiaries are designated as entities owned or controlled by Golden Global Bank. This action forms part of Operation Economic Outcast, announced by US Treasury Secretary Scott Bessent on August 24, 2026, which aims to sever the Iranian regime's remaining economic lifelines through coordinated international sanctions targeting shadow banking networks, sanctions evasion schemes, and illicit revenue sources. As a result of the designations, all US-based property and interests of these entities are blocked. OFAC issued Iran General License CC, authorizing the wind down of transactions involving the designated persons through September 19, 2026, provided that any payments to blocked persons are made into blocked, interest-bearing accounts located in the United States. US persons are generally prohibited from conducting transactions with these entities unless expressly authorized by OFAC. Foreign financial institutions engaging in significant transactions with these designated entities risk secondary sanctions exposure and potential restrictions on their US correspondent accounts.

5 tool calls

fetch https://ofac.treasury.gov/recent-actions/20260904 http · 3376 chars · 40 links
search "OFAC Iran designations SDN sanctions" → nids 92336, 93939, 93199, 92278, 92924
fetch https://home.treasury.gov/news/press-releases/sb0622/ http · 8076 chars · 40 links
fetch https://ofac.treasury.gov/media/936881/download?inline http · 1470 chars · 0 links
search "OFAC Turkey Iran sanctions financial institution" → nids 92277, 93414, 92336, 95187, 95064

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US Office of Foreign Assets Control Issues Iran General License and Iran-related Designations

On September 4, 2026, the US Office of Foreign Assets Control (OFAC) issued Iran General License CC, which authorizes the wind down of transactions involving three Turkish-based entities—Golden Global Yatirim Bankasi Anonim Sirketi, Golden Global Varlik Kiralama Anonim Sirketi, and Golden Global Portfoy Yonetimi Anonim Sirketi—through September 19, 2026. The same three entities were also added to OFAC's Specially Designated Nationals (SDN) List under Executive Order 13902. The wind-down authorization applies to any entity in which these persons own, directly or indirectly, a 50 percent or greater interest, provided that any payment to a blocked person must be made into a blocked, interest-bearing account located in the United States. The designations block all US-based property of these targets and generally prohibit US individuals and entities from engaging in transactions with them, unless expressly authorized by OFAC.