The Treasury Department on Sept. 4 designated Türkiye-based Golden Global Bank and two subsidiaries, saying the institution gave Iran a channel into the international banking system.
The Office of Foreign Assets Control listed Golden Global Yatirim Bankasi Anonim Sirketi, plus Golden Global Varlik Kiralama Anonim Sirketi and Golden Global Portfoy Yonetimi Anonim Sirketi. Treasury said the bank handled tens of millions of dollars in transactions for the Islamic Revolutionary Guard Corps-Qods Force and offered correspondent services that helped move funds abroad.
The designations were made under Executive Order 13902, which targets Iran’s financial sector. They are part of Operation Economic Outcast, a campaign Treasury announced in late August to cut remaining revenue routes used by the Iranian government.
“Financial institutions continue to find out the hard way that we are serious about Operation Economic Outcast,” said Secretary of the Treasury Scott Bessent. “While we hope no more banks will need to be sanctioned, that ultimately depends on how quickly the international community comes to its senses and ceases support of the murderous Iranian regime. We know who you are, we know where you are, and we will continue to take action together with our allies and partners until we have buried the head of the Iranian snake.”
State Department spokesman Thomas “Tommy” Pigott said the move was meant to warn banks worldwide that handling Iran-related illicit finance carries serious costs. He said Washington would keep using diplomatic and economic tools until Iran ends support for terrorism and other destabilizing activity in the region.
Treasury said Golden Global Bank was set up to help move oil-related proceeds into Türkiye and that it worked with previously sanctioned businessman Sitki Ayan and his companies, a network OFAC targeted in 2022. Officials said the bank knowingly offered correspondent services to Iranian financial institutions.
Property of the designated parties in the United States or in the possession of U.S. persons is blocked. Foreign banks that conduct significant transactions for those parties may face secondary sanctions on their U.S. correspondent accounts.
