Sending money from Australia to Iran using cryptocurrency is not necessarily illegal, but it is not risk-free either. Australia’s sanctions against Iran are targeted. If the recipient or the payment channel is connected to a listed person or entity, or the money is sent for a prohibited purpose, this is a serious criminal offence carrying up to 10 years’ imprisonment. Banks also report suspicious transactions to AUSTRAC.
Dr. Sirous Ahmadi, Registered Migration Agent (MARA 0854826), has heard this question many times from Iranians living in Australia. His view is clear: this issue falls within the area of financial regulation and sanctions, and the assumption that cryptocurrency transactions go “unseen” has no solid basis.
Is cryptocurrency outside the Australian Government’s oversight?
No. AUSTRAC, the regulator responsible for anti-money laundering and counter-terrorism financing, requires cryptocurrency and virtual asset service providers to be registered. Banks and other reporting entities must also lodge International Funds Transfer Instruction (IFTI) reports and Suspicious Matter Reports (SMR). These reports extend to cryptocurrency transfers as well. In other words, using digital currency does not hide a transaction from regulators.
What exactly do Australia’s sanctions against Iran prohibit?
These sanctions do not cover every financial transaction with Iran; they are targeted. Their main elements are:
- a comprehensive arms embargo;
- a prohibition on goods related to nuclear and missile programs, and on related services;
- the freezing of assets of listed persons and entities.
Sending money or cryptocurrency to a listed person or entity, through them, or for a prohibited purpose is a serious criminal offence. The penalty is up to 10 years’ imprisonment and heavy fines. These laws also apply to Australians acting overseas. In some cases, it is possible to apply for a sanctions permit from the Department of Foreign Affairs and Trade (DFAT).
The practical risks for a bank account holder in Australia
In Dr. Ahmadi’s view, the main risk is not just having your account closed. If the recipient or the payment route is connected to a listed person or entity, the sender may face criminal liability. Using a platform that is not registered with AUSTRAC increases the legal risk under anti-money laundering rules. A bank may also report a suspicious transfer to AUSTRAC and, under the tipping-off rules, be unable to tell the customer that it has done so.
If the bank closes your account, what options do you have?
The Australian Financial Complaints Authority (AFCA) provides a free and independent dispute resolution service. AFCA examines whether the bank closed the account fairly and gave reasonable notice, usually 14 days. However, AFCA does not normally require a bank to reopen an account, and cases are currently subject to delays.
Get specialist advice from the right source
Dr. Sirous Ahmadi stresses that this is not a matter of migration advice. In cases like this, a registered migration agent will refer the client to a lawyer who specialises in sanctions or financial services, or to the Australian Sanctions Office at DFAT. This transparent approach protects your interests and points you to the right path for making a decision.
If, alongside these financial concerns, you have a question about your visa situation or your future migration plans in Australia, Dr. Sirous Ahmadi is available to talk and to provide guidance tailored to your circumstances.
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This answer reflects the law and policy as verified on November 9, 2026. Immigration rules change frequently — confirm the current position before acting.
Dr. Sirous Ahmadi Registered Migration Agent 0854826
This article is general information only, current at the date shown, and is not legal advice. Do not rely on it for your own situation — immigration law and policy change frequently. Seek advice from a registered migration agent or immigration lawyer about your circumstances.