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Authorities have charged a Sydney man in connection with the alleged transfer of $650,000 to Iranian banks under sanctions, using an international money transfer service.
The Australian Federal Police (AFP) took into custody a 34-year-old who manages a licensed remittance firm located in Auburn.
Remittance services facilitate the movement of money between customers across international borders.
According to the allegations, the individual conducted 543 transactions amounting to $649,308, directing funds to the sanctioned Iranian banks over a year-long period.
At the end of July, investigators executed searches at a Wentworthville residence and the Auburn business premises, confiscating electronic devices. These devices reportedly contained evidence linking them to the financial transactions in question.
As a result of the investigation, the remittance business that allegedly sent the funds had its registration suspended for a year.
The man was charged with engaging in conduct which contravenes a sanction law, which has a maximum penalty of 10 years’ imprisonment or a fine of $825,000.
He will appear at the Downing Centre Local Court in Sydney today.
Several banks in Iran have been hit with sanctions as the relationship between Australia and the Middle Eastern nation grows tense.
AFP Detective Superintendent Peter Fogarty sent a warning to companies that may be looking to circumvent sanctions.
“If you are contravening Australian sanctions, be warned – the AFP is ready and willing to act to disrupt your criminal activities,” he said.
“Every time a business is instructed to transfer funds internationally, they must report that to AUSTRAC. We monitor these reports for signs of this type of activity and other criminality.”