The Australian Government has removed the requirement for financial institutions to obtain a permit for financial transactions with Iran exceeding AUD 20,000. These were known as "financial countermeasures". Previously, under the Anti-Money Laundering and Counter-Terrorism Financing (Iran Countermeasures) Regulations 2014, Australian financial institutions needed a permit to provide certain designated services to Iranian persons and entities for transactions exceeding AUD 20,000. The removal of the financial countermeasures was effective 27 February 2016.
The removal of the financial countermeasures follows the Australian Government in January 2016 lifting and suspending some of Australia’s UNSC and autonomous sanctions on Iran (Australia's changes are in line with those made by other countries). Some sanctions are "suspended" while the legislative instruments are updated, so care should be taken in looking at the published sanctions to check for current treatment.