Anti-Financial Crime & Financial Crime Compliance
Regulatory Intelligence Leadership | Insight | Network

Crypto, Financial Crime, MEA, Middle East, Regions, Sanctions, Tech, UAE, US

NEWS: US sanctions Dubai crypto exchange Shelbit for aiding Iran’s IRGC

Premium August 10, 2026

Islamic Revolutionary Guard Corps (IRGC) Commander-in-Chief Major General Hossein Salami reviews military equipment during an IRGC ground forces military drill in the Aras area, East Azerbaijan province, Iran, October 17, 2022. IRGC/WANA (West Asia News Agency)/Handout via REUTERS/File Photo

Premium

INSIGHT: As EU targets football’s dirty money the biggest market will remain out of reach

 Premium

NEWS: UAE launches urgent probe into Banque Misr branches after US sanctions

 Premium

LATEST: Bessent vows to sanction second Iran-linked bank

By Gavin Finch and Feras Dalatey

THE United States has sanctioned an unlicensed multi-state cryptocurrency exchange, alleging it processed millions of dollars of crypto for Iran’s elite Islamic Revolutionary Guard Corps and other groups linked to the Iranian state.

The designation follows a Reuters investigation published on July 31 that identified the Dubai-based exchange, Shelbit, as the hub of a $4 billion Iranian sanctions evasion scheme. The investigation found that Shelbit moved crypto on behalf of Iran’s central bank, one of the world’s largest illegal online gambling networks, and to addresses linked by the Israeli government to the IRGC.

AML Intelligence
Subscribe now to have unlimited access

With our membership subscription, you will have unlimited access to the AML Intelligence site, updated daily with the latest analysis, opinion, and breaking news across the sector, newsletter delivered twice per week, access to our Global Bank Fines & Penalties database, free access to Boardroom Series and more!

View subscription optionsIf you have an account, log in
Premium

INSIGHT: As EU targets football’s dirty money the biggest market will remain out of reach

 Premium

NEWS: UAE launches urgent probe into Banque Misr branches after US sanctions

 Premium

LATEST: Bessent vows to sanction second Iran-linked bank

Regulatory Watch News

  • Millions forfeited by company linked to suspected money laundering and sanctions evasion

    An agricultural company has agreed to forfeit more than $5.2million (£3.84m) following a NCA civil recovery investigation into suspected money laundering and sanctions evasion. ENEX Premium Trading Limited, owned by Azerbaijan National, Nadir Valiyev and registered to St Kitts and Nevis, had transferred significant funds into recently-opened accounts held by ENEX between July and September 2024. In opening the UK accounts, Nadir Valiyev stated that the source of funds was from his personal wealth and retained earnings from previous trading structures, which included UAE registered Burston Trading FZE.

  • MAS Commits S$220 Million to Support Next Phase of FinTech Innovation

    MAS

    Singapore, 31 August 2026… The Monetary Authority of Singapore (MAS) today announced a S$220 million commitment over three years under the renewed Financial Sector Technology and Innovation Scheme (FSTI 4.0) to strengthen Singapore’s FinTech ecosystem and accelerate innovation and technology adoption across the financial sector. FSTI 4.0 builds on a strong foundation of Singapore’s FinTech sector, which is now home to more than 1,800 FinTech firms, employing close to 10,000 professionals across technology, data, artificial intelligence (AI), compliance, cybersecurity and business roles. FinTech investments in Singapore hit S$2.9 billion in 2025.

  • Iran’s Access to UAE Banks Targeted Under Operation Economic Outcast

    US Department of the Treasury

    Banque Misr UAE Processed Suspected Billions for Iranian Regime in Just 2.5 Years WASHINGTON, D.C. —Today, under Operation Economic Outcast, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) proposed a rule that would revoke Banque Misr UAE’s correspondent banking access to U.S. financial institutions. “Treasury promised to sever every economic lifeline Tehran has left and finally end the threat of the Iranian regime,” said Secretary of the Treasury Scott Bessent. “We also warned that Iran’s enablers cannot continue to enjoy access to the U.S. dollar and the global financial system. Banque Misr UAE decided to find out the hard way, and today, we are taking the first step in holding it accountable for its continued, egregious support of the Iranian regime.”

Sign Up To Our Newsletter

Contact Us