Media: US sanctions Polish company over alleged Iranian money laundering

A company registered in Warsaw has been added to the U.S. sanctions list over allegations of money laundering and helping Iran circumvent international sanctions through digital currencies, according to Polish news outlet Wirtualna Polska.

Shelbit Technologies, established in Warsaw in August 2023, is alleged to have played a role in a global financial network that enabled Iranian authorities to transfer billions of dollars.

Iranian national Siavash Kayvanpour, who also holds Afghan and Dominican citizenship, became the company's head in March 2024.

Shelbit Technologies was registered in Poland's virtual currency business register, allowing it to legally operate within the European Union and maintain accounts with financial institutions operating outside the traditional banking system.

According to law enforcement authorities, the company may have been involved in transactions worth up to $4 billion aimed at circumventing sanctions. The alleged financial links include Iran's central bank, the Islamic Revolutionary Guard Corps and illegal online gambling operations.

By Sabina Mammadli