Australian Transaction Reports and Analysis Centre refuses Raiyyan Exchange remitter registration renewal over serious AML/CTF deficiencies

The Australian Transaction Reports and Analysis Centre (AUSTRAC) has refused to renew the remittance registration of Yellow Sands Trading Pty Ltd, which trades as Raiyyan Exchange, meaning it can no longer provide money transfer services in Australia. The decision follows AUSTRAC’s identification of serious deficiencies in the business’s ability to understand, manage and mitigate its money laundering and terrorism financing risks, formed with input from the New South Wales Police Force. AUSTRAC urged businesses and consumers to check its remittance sector register before sending money overseas and noted that providing remittance services without registration is a criminal offence. It also reiterated that offsetting arrangements used by remittance businesses pose a heightened money laundering risk and expects firms using such arrangements to monitor both the payer and payee side of transfers, comply with all AML/CTF obligations, and report suspicious matters promptly. Raiyyan Exchange may seek a review of the registration decision.