A man has been charged after he allegedly transferred hundreds of thousands of dollars to accounts in sanctioned Iranian banks.

The 34-year-old, from Auburn in Sydney's west, ran a legitimate business that facilitates remittances, which involve Australian residents sending money overseas to families and friends.

However, it is alleged $649,308 from 543 international money transfers over a 12-month period was sent to banks in Iran that were subject to the Australian government's sanctions list.

He is due to appear in court on Wednesday charged with engaging in conduct which contravenes a sanction law.

He could face up to 10 years in prison or a fine of three times the value of the contravening transactions, or about $2 million.

Australian Federal Police Detective Superintendent Peter F

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