OFAC sanctions eight Canadian money services businesses over Iran digital asset transfers
The US Treasury's Office of Foreign Assets Control (OFAC) designated eight Canada-based money services businesses that it says help Iran's government and other illicit actors move money into and out of Iran. Treasury says several also moved funds for sanctioned drug trafficker Ryan Wedding.
On 6 November 2026, OFAC, the US Treasury office that runs sanctions programs, designated eight money services businesses based in Canada under Executive Order 13902, which targets Iran's digital asset sector. Treasury announced the action as part of Operation Economic Outcast, a campaign it launched in August 2026 against Iran's financial channels.
According to Treasury, the businesses help Iran's government, sanctioned parties and other illicit actors move assets into and out of Iran. Treasury says they exchange Iranian rials and other currencies for digital assets, and that many of them have transacted with sanctioned Iranian digital asset exchanges and with addresses tied to Iran's Islamic Revolutionary Guard Corps (IRGC). OFAC's sanctions list entry for each business includes its Canadian money services business registration number, and several entries list digital currency addresses on the TRX (Tron) blockchain.
The eight designated businesses are 1380079 BC Ltd (also known as Amin Exchange Vancouver), 2397639 Ontario Ltd (Farah Exchange), B Galaxy Inc, CCC Inc, Darvish Exchange, Diverse Trade Inc (Million Exchange), NIA Nations Currency Ltd (NIA Exchange) and Top PC Technician Inc (Amin Exchange Toronto). OFAC lists addresses for them in Ontario, British Columbia and Quebec.
Treasury said several of the businesses also worked with Ryan Wedding, a former Olympic snowboarder whom OFAC has previously sanctioned. According to Treasury, Wedding used money exchange businesses in the Vancouver and Toronto areas, including Million Exchange, to launder drug proceeds, and several of the designated businesses moved millions of dollars in digital assets for him before he was apprehended in January 2026. Treasury said it coordinated the action with FinCEN, Canada's financial intelligence unit FINTRAC, and the US Drug Enforcement Administration (DEA).
Why it matters to AML professionals
Money services businesses that swap local currency for crypto can give sanctioned countries a route into the financial system that looks like ordinary retail exchange business. AML professionals at banks, payment firms and crypto platforms with exposure to MSB customers need to screen counterparties and wallet addresses, not just names, because OFAC lists digital currency addresses alongside entity details.
Red flags in this case
- An exchange house or MSB customer whose activity involves frequent conversion of fiat currency into stablecoins sent to wallets with no clear business purpose
- Wallet addresses that interact directly or through one hop with sanctioned exchanges or addresses on a sanctions list
- A money services business that trades under several names or brand aliases across different provinces or cities
- Customer communications or invoices referencing currencies or counterparties in a sanctioned jurisdiction while the stated business is domestic
If this landed in your queue
- Screen the customer, its trade names and any linked wallet addresses against the latest OFAC SDN list update, including digital currency address fields
- Run blockchain analytics on wallets linked to the customer to check for direct or indirect exposure to sanctioned exchanges
- Review the MSB's registration, ownership and stated business model against its actual transaction flows
- If a true match is confirmed, block or reject as required and report to OFAC within the required time, and consider whether a suspicious activity report is needed
Key terms
- Money services business (MSB)
- A business such as a currency exchange or money transmitter that moves or converts money for customers and must register with the national financial intelligence unit.
- Executive Order 13902
- A US presidential order that allows sanctions on parties operating in certain sectors of Iran's economy; Treasury used it here for Iran's digital asset sector.
- SDN List
- OFAC's Specially Designated Nationals list; property of listed parties in US jurisdiction is blocked and US persons generally may not deal with them.
Interview angle
How would you screen a crypto-linked money services business customer for sanctions risk?
Explain name and alias screening, checking wallet addresses against OFAC's digital currency address fields, using blockchain analytics for indirect exposure, and reviewing whether the MSB's real flows match its stated business.
Sources
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