The US Treasury’s OFAC indefinitely suspended on August 24 five general licenses authorizing noncommercial money transfers to or from Iran, targeting Section 31 CFR 560.550. This move deprives American individuals of the ability to send money to relatives in Iran, with a wind-down deadline until September 8 at 12:01 a.m. EDT. The action is part of « Operation Economic Outcast, » a broad economic pressure campaign initiated by President Trump, which includes sanctions targeting approximately 60 Iranian entities and vessels. Banks, money service businesses, and fintech platforms must immediately halt these transaction flows or risk violating US sanctions law.
Source: Read the original article
