The US Department of Justice has moved to drop its criminal case against Türkiye Halk Bankası, better known as Halkbank, after reaching a deferred prosecution agreement that lets the Turkish state-owned lender walk away without paying a single dollar in fines. The bank was accused of helping Iran move roughly $20 billion in restricted funds through a web of front companies.
The DPA was filed on March 9, 2026, in the US District Court for the Southern District of New York. Judge Richard M. Berman paused proceedings for 90 days shortly after. If Halkbank plays by the rules during the compliance period, the charges go away entirely.
What the deal actually requires
The bank faces no financial penalties. It does not have to admit wrongdoing. What Halkbank does have to do is appoint an independent compliance monitor. That role went to EY, the global accounting and consulting giant. The monitor will oversee Halkbank’s adherence to anti-money laundering regulations and US sanctions rules. The bank must also submit regular compliance reports and is explicitly prohibited from conducting any Iran-related transactions going forward.
Halkbank shares jumped as much as 10% following the announcement.
