You are receiving this email to alert you to recent changes to the legislation requiring authorisation from the Department of Foreign Affairs and Trade to exempt certain transactions from the prohibition on transactions with Iran of $20,000 or more implemented under the Anti-Money Laundering and Counter-Terrorism Financing (Iran Countermeasures) Regulation 2014 (the 2014 Regulation).

We wish to advise you that the Australian Government has repealed the 2014 Regulation, effective from 27 February 2016.  A new Regulation, the Anti-Money Laundering and Counter-Terrorism Financing (Prescribed Foreign Countries) Regulation 2016 (the 2016 Regulation) has been enacted that repeals the prohibition on transactions with Iran.   

This means that you are no longer required to obtain authorisation from the Department of Foreign Affairs and Trade in relation to financial transactions with Iran of $20,000 or more.  Accordingly, if you have recently lodged an application with DFAT on the Online Sanctions Administration System (OSAS) for authorisation to exempt your financial transaction to or from Iran, then this application is no longer needed. 

If you proceed with your proposed transaction, the relevant reporting entity (financial institution) will need to comply with the enhanced due diligence requirements under Australian law in relation to transactions to or from Iran, as these requirements will continue under the 2016 Regulation.  Please consult your bank and/or remittance provider if you have any questions about your transaction.

Please note that some activities involving Iran may still be subject to UN or Australian autonomous sanctions, including the prohibition on dealing with designated persons and entities. The full list of designated persons and entities for Iran is available on the Consolidated List at:  Consolidated List - Department of Foreign Affairs and Trade.  Details of Australian sanction laws relating to Iran are available on the DFAT website at: Iran - Department of Foreign Affairs and Trade (which will be updated shortly to reflect these changes).

If you have any other queries regarding obligations under Anti-Money Laundering and Counter-Terrorism Financing legislation, please direct your queries to the Australian Transaction Reports and Analysis Centre (AUSTRAC) at [email protected] or on 1300 021 037.