Follow the Money: How Major Global Banks Are Quietly Financing the Iranian Regime

WikIran has uncovered a sprawling financial web that funnels illicit Iranian oil revenue around the globe, primarily through major American and European institutions. The data show that dozens of banks worldwide – unknowingly or not – process transactions that enable systemic sanction evasion, connecting the Iranian Regime to the global financial system.

To ensure the successful flow of Iranian oil revenue through the global financial system, front companies register bank accounts in lax regulation jurisdictions. The accounts are used to obscure the origin of funds and conduct illicit transactions on behalf of the Iranian Shadow Banking mechanism. These banking relationships have allowed HMS Trading, Petro Delta Energy Co. (PDECO) and their clients to transfer hundreds of millions of dollars that ultimately end up in the hands of the Iranian regime.

Following WikIran’s in-depth analysis of the leaked information, many leading financial institutes have been identified as key financial facilitators for Iranian oil trade. The scale of money laundering and sanction evasion conducted by these entities raises alarming concerns about the effectiveness of global anti-money laundering (AML) efforts, and places the facilitators of these activities at significant risk of regulatory penalties. Not long ago, at the end of August 2026, the U.S. Treasury’s FINCEN proposed a rule that would revoke Banque Misr’s correspondent banking access to U.S. financial institutions.

The U.S. Treasury targeted Banque Misr because is hosts hundreds of foreign currency accounts for Iranian front companies and therefore serves as key financial lifeline to the regime.

Presented below is a list, sorted by country, of all international companies, their respective host banks and accounts that have been identified in the recent leak.

UAE

China

Singapore

Japan

Afghanistan

Panama

Pakistan

Oman

Western Banks’ Affiliation with Iranian Funds

In addition to the international banks listed above, WikIran has discovered European and American entities that act both as hosting banks for Iranian funds and as correspondent banks for Iranian money transfers. As explained in previous articles, correspondent bank is a financial institution that provides banking services to other banks, often in a different country or region; it acts as an intermediary between banks, facilitating international transactions, settlements, and the clearing of payments in foreign currency.

When a correspondent bank provides services to another bank that knowingly or unknowingly hosts accounts for sanctioned entities, it too is complicit in sanctions evasion. This can lead to serious legal consequences, including:

1. OFAC Penalties: In the U.S., the correspondent bank may face penalties for violating OFAC regulations, which prohibit transactions with sanctioned entities.
2. Regulatory Fines and Penalties: The correspondent bank may face fines and penalties from regulatory authorities in its home country or other jurisdictions where it operates.
3. Reputational Damage: By facilitating Iranian transfers the correspondent bank is likely breaching AML/CFT regulations, which require other financial institutions to identify and report suspicious transactions.

The following tables contain lists of companies and their bank accounts that are registered in American and European banks (specific branch unknown) that are directly associated with HMS Trading and PDECO:

Germany

United Kingdom

Czech Republic

Turkey

Below are a few examples of American Banks enabling Iranian oil trade activity by providing correspondent services:

Bank of New York (USA)

In an email thread titled "HMS Trading," the Singaporean company Oon & Bazul LLP provided its banking information to receive payment for its legal assistance in a maritime dispute, where Bank of New York served as the corresponding agent bank.

Citibank N.A. (USA)

The receipt for the aforementioned transaction between Oon & Bazul LLP and HMS Trading's client lists Citibank as the correspondent bank for the debtor's bank (QNB Bank) in the USD payment to Oon & Bazul LLP.

The financial institutions named above have become crucial lifelines for Iranian networks laundering illicit trade proceeds. By abandoning the basics of sound compliance – such as conducting sufficient enhanced due diligence (EDD), implementing sanctions screening, and monitoring and reporting suspicious activity to the relevant regulatory authorities – these institutions are effectively violating international sanctions and bankrolling terrorism.

Even the correspondent banks that settled transfers or acted as intermediaries failed to vet their respondent institutions, neglecting the KYC safeguards that should reveal a client’s identity and compliance posture.

The message to regulators and the global financial community is unmistakable: the banks implicated in servicing entities linked to HMS Trading and PDECO are not merely “facilitating” sanctions evasion and money laundering, but are also actively sabotaging worldwide efforts to curb illicit finance and terrorism. WikIran's exposure is a stark reminder that Iranian fronts are increasingly infiltrating global financial systems, and thus the battle against Iranian financial crime continues. Every relevant entity must now act decisively, because the cost of inaction is measured in international safety.

Other Entities & Accounts – Host Bank Unknown