U.S. and Halkbank Reach Deal to End Long-Running Iran Sanctions Case

The U.S. Department of Justice and Turkey’s state-owned Halkbank settled a long-running case over alleged Iranian sanctions evasion without admissions of guilt or fines, requiring the bank to engage an independent expert to review its AML and sanctions controls and report to DOJ. Prosecutors had alleged Halkbank helped move about $20 billion via a network linked to gold trader Reza Zarrab using front companies and falsified documents; prior OCCRP reporting highlighted that other global banks processed related transactions, underscoring systemic compliance gaps in the financial sector.