(1) For subsection 102(1) of the Act, a transaction is prohibited if:
(a) it is a transaction that involves the provision by a reporting entity of one or more of the designated services mentioned in any of items 17, 29, 30, 31, 32 and 34 of table 1 in section 6 of the Act; and
(b) the reporting entity is aware, or ought reasonably to be aware, at the time of the transaction, that a party to the transaction is:
(i) an individual who is physically present in Iran; or
(ii) a corporation incorporated in Iran; and
(c) the value of the money or property involved in the transaction is not less than $20 000; and
(d) none of the parties to the transaction is:
(i) the Commonwealth, a State or a Territory; or
(ii) a person exempted under section 9; and
(e) the transaction does not relate to:
(i) the Iranian Embassy in Australia; or
(ii) the head or a member of the diplomatic staff of the Iranian Embassy who is entitled to any privileges or immunities under the Diplomatic Privileges and Immunities Act 1967 ; or
(iii) the head or a member of staff of a consular post operated by Iran in Australia or an external Territory who is entitled to any privileges or immunities under the Consular Privileges and Immunities Act 1972 ; or
(iv) the Australian Embassy in Iran; or
(v) the head or a member of the diplomatic staff of the Australian Embassy who is entitled to any privileges or immunities under the Vienna Convention on Diplomatic Relations; and
(f) the transaction is not exempt under section 8.
(2) A reporting entity must not provide a designated service in relation to a transaction prohibited under subsection (1).
Penalty: 50 penalty units.