About $9 billion in suspected Iran-linked shadow banking activity passed through U.S. correspondent bank accounts in 2024, according to FinCEN. Roughly $5 billion came from foreign shell companies, while another $4 billion involved foreign oil companies linked to suspected Iranian front companies. The flows show how Iran-related entities can access the dollar system through intermediaries and correspondent banks in the United Arab Emirates, Hong Kong and Singapore without directly holding U.S. bank accounts. Western officials and researchers say billions of dollars in Iranian funds continue to move through clearing accounts at American banks each year, despite sanctions barring parties subject to U.S. law from participating in almost all financial activity linked to Tehran. Funds were routed through shell companies, exchange houses and businesses in the oil, shipping, investment and technology sectors. Iran is also increasingly relying on cryptocurrency to evade sanctions, with Reuters previously estimating Iran-related crypto activity at $8 billion to $10 billion in 2025. The U.S. government has broadened secondary sanctions to cover digital assets, gold, technology, aviation and shipping.