The Australian Transaction Reports and Analysis Centre (AUSTRAC) has refused to renew the registration of Yellow Sands Trading Pty Ltd, an independent remitter trading as Raiyyan Exchange.

Raiyyan Exchange is no longer permitted to provide money transfer services in Australia.

In exercising its regulatory functions, AUSTRAC identified serious deficiencies in Raiyyan Exchange’s ability to understand, manage, and mitigate its money laundering and terrorism financing risks.

AUSTRAC worked closely with the New South Wales Police Force in forming this view.

AUSTRAC is urging businesses and consumers to check its remittance sector register before sending money overseas to ensure their provider is registered. Providing remittance services without registration is a criminal offence.