OFAC designated eight Canada-based money services businesses on November 6, alleging they facilitated financial transactions on behalf of Iran’s regime.

The U.S. Treasury said the designations are part of Operation Economic Outcast and were made under Executive Order 13902. OFAC added the businesses to its Specially Designated Nationals List; its notice identifies operations in Ontario and British Columbia.

The action places Canadian money services businesses accused of supporting Iran-related financial activity under U.S. sanctions. The designation notice identifies the entities and associated digital-currency addresses for sanctions-screening purposes.

Why it matters

  • Financial institutions and crypto firms should review relevant sanctions screening against OFAC’s updated list.
  • The action highlights U.S. sanctions exposure for intermediaries facilitating transactions involving Iran’s digital-asset sector.