US Treasury sanctions Turkish bank for funding Iranian terror network

The US Treasury has placed sanctions on an Istanbul-based bank and two of its subsidiaries, accusing the lender of funneling tens of millions of dollars through the financial networks of Iran’s most powerful military force.

On September 4, 2026, the Treasury’s Office of Foreign Assets Control designated Golden Global Yatirim Bankasi Anonim Sirketi, along with two subsidiaries, for allegedly facilitating transactions on behalf of Iran’s Islamic Revolutionary Guard Corps-Qods Force, the external operations arm of the IRGC responsible for financing and directing militant groups across the Middle East.

What the Treasury actually did

The designation freezes any US-jurisdiction assets held by the bank and its subsidiaries, and broadly prohibits American individuals and companies from doing business with them.

Treasury Secretary Scott Bessent framed the action as part of a sustained campaign, stating that the US has detailed knowledge of the financial institutions supporting Iran’s networks and would continue its efforts to dismantle them. The designation falls under Operation Economic Outcast, a broader initiative announced around August 24, 2026, designed to choke off the revenue streams keeping the Iranian regime financially viable.

OFAC also issued a temporary general license giving the bank a short runway to wind down existing transactions, with a deadline of September 19, 2026.

Golden Global Bank pushed back quickly. The lender, founded in 2019 and ranked as Turkey’s 35th-largest bank, denied the allegations outright, asserting full compliance with all applicable regulations. The bank announced it intends to contest the sanctions through legal channels.

Turkey’s role in Iran’s shadow banking system

In 2022, the US sanctioned Turkish businessman Sitki Ayan for managing IRGC-QF oil-related transactions, a case that put Turkey’s financial sector under uncomfortable scrutiny.

Senator Rick Scott added political weight to the Treasury action on September 7, 2026, publicly declaring that Turkey is not America’s friend and condemning Ankara’s connections to Iranian terrorist financing.

Turkey is not legally obligated to follow US secondary sanctions, which target non-American entities doing business with sanctioned countries. But any Turkish bank with exposure to dollar-clearing, correspondent banking relationships in New York, or transactions touching US persons faces significant legal risk if it gets caught in OFAC’s crosshairs.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.