Australian Transaction Reports and Analysis Centre refuses to renew Raiyyan Exchange remittance registration after identifying serious AML and counter-terrorism financing deficiencies

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, meaning it is no longer permitted to provide money transfer services in Australia. AUSTRAC found serious deficiencies in Raiyyan Exchange’s ability to understand, manage and mitigate its money laundering and terrorism financing risks, and said it worked closely with the New South Wales Police Force in forming this view. The regulator also reminded businesses and consumers to check AUSTRAC’s remittance sector register before sending money overseas, noting that providing remittance services without registration is a criminal offence, and reiterated expectations for remitters using offsetting arrangements to monitor both payer and payee sides of transfers and report suspicious matters promptly. Raiyyan Exchange may seek a review of AUSTRAC’s registration decision.