Banks can withdraw from business that is costly to verify but financial centres ultimately bear the impact
ON OCT 1, the US Treasury designated Russia’s A7 payment network as a significant transnational criminal organisation, adding to sanctions already imposed on A7 entities in August 2025.
Washington cited alleged assistance to Iran and its proxies, which A7 denies.
The case raises a broader question about how banks can keep legitimate customers connected when the origins of a payment are difficult to establish.