AUSTRAC reposted this
We’re very proud to have work with the Australian Federal Police and the Australian Sanctions Office on targeting this person breaching sanctions on Iran.
The AFP has charged a western Sydney man, 34, for allegedly sending about $650,000 to Iranian banks in contravention of Australian Government sanctions. The man, a director of an Auburn registered remittance company, allegedly processed 543 international currency transfers, totalling $649,308, to sanctioned banks in Iran during a 12-month period. AUSTRAC has also suspended the company’s remittance registration for one year. Registered money remitters are legitimate businesses which can facilitate international money transfers from one customer to another. However, people and entities overseas may be designated by the Minister for Foreign Affairs as subject to targeted financial sanctions, which makes it a criminal offence to deal with, or make an asset available to, them. Several Iranian banks have been designated as subject to Australian sanctions. Last month, the Australian Sanctions Office issued a number of warning letters to registered remittance companies, in response to concerns regarding their financial activities. Registered remitters are urged to be aware of, and comply with, Australian sanctions laws. For more information visit: https://lnkd.in/gsw_gicn