Source: Australian Department of Communications
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.