In short
- New additions include BITBANK and PISHTAZ SIMORGH ELECTRONIC TRADE COMPANY, both subject to secondary sanctions.
- Removals include LAKOKRASKA OAO and KONTSERN BELLESBUMPROM, previously listed under Belarus-related sanctions.
What happened
OFAC updated its Specially Designated Nationals List by adding multiple individuals and entities linked to Iran and Cuba, including financial and defense-related organizations. These additions are subject to secondary sanctions and include detailed identifiers such as national ID numbers and entity codes.
Several Belarus-related entities, including LAKOKRASKA OAO and KONTSERN BELLESBUMPROM, were removed from the SDN List. The update also provided specific organization types, established dates, and entity codes for both new additions and removals.
In numbers
- Entity Code 14124 CIDAI Cuba entity code
- Entity Code 60172 PINARES S.A. Cuba entity code
What compliance teams should check
- Screen all transactions for new SDN List entries: BITBANK, PISHTAZ SIMORGH ELECTRONIC TRADE COMPANY, and Cuba defense entities (Entity Codes 14124, 14032, 14034, 14123, 6681, 12392, 9987, 60172).
- Update sanctions screening systems to remove Belarus entities: LAKOKRASKA OAO, KONTSERN BELLESBUMPROM, BELARUSIAN PRODUCTION AND TRADE CONCERN OF TIMBER WOODWORKING AND PULP AND PAPER INDUSTRY (Tax ID No. 100377850).
- Review customer and counterparty lists for individuals newly designated under IRAN-EO13902 and CUBA-EO14404, including those linked to DOT ONE VALUE CREATION GROUP and ZANJANI, Babak Morteza.
Why it matters
This update directly impacts AML/CFT compliance by expanding the scope of entities and individuals subject to US sanctions, especially those involved in financial and defense activities in Iran and Cuba. Compliance officers must promptly adjust screening protocols to prevent prohibited transactions and ensure accurate reporting. The removal of Belarus entities also requires system updates to avoid unnecessary blocking or reporting. Failure to act on these changes could result in regulatory penalties and increased risk exposure for financial institutions.
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