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AUSTRAC provides enforcement update amid registration renewal refusal

The operator has denied Raiyyan Exchange's licence due to serious compliance concerns, simultaneously underscoring key goals for 2026.

3 min read
AUSTRAC provides enforcement update
Key Points
Raiyyan Exchange is now banned from providing money transfer services in Australia
AUSTRAC and NSW Police identified serious deficiencies in the firm's risk controls
The regulator has stated sector-specific guidance starter kits will be released in the new year

Australia's gambling regulator AUSTRAC has refused to renew the registration of Yellow Sands Trading Pty Ltd, trading as Raiyyan Exchange, prohibiting the firm from offering money transfer services in Australia.

Elsewhere, the regulator also underlined that - over the course of 2026 - reforms related to tipping-off offences will remain a priority, with new obligations for currently regulated operators set to come into force at the end of Q1, alongside sector-specific guidance starter kits that will be unveiled in January.

Regarding the recent licence renewal refusal, AUSTRAC has said the decision followed the identification of "serious deficiencies" in the business's ability to understand, manage and mitigate money laundering and terrorism financing risks.

In forming its assessment, AUSTRAC worked closely with the New South Wales Police Force. Acting CEO Katie Miller said poor compliance leaves the financial system exposed: "Criminals are always looking for cracks in the system and weak compliance is an open door. If AUSTRAC-registered businesses fail to meet their anti-money laundering obligations, they risk their ability to run that business."

The NSW Police Force's Organised Crime Squad supported the decision, noting that remittance channels are frequently targeted by organised crime. Detective Superintendent Peter Faux said police are "continually monitoring and investigating registered and unregistered remittance providers engaging in criminal activities".

AUSTRAC is urging consumers and businesses to check their public remittance register before sending money overseas. The agency stressed that providing remittance services without registration is a criminal offence.

Miller reiterated that AUSTRAC will continue to take decisive action against non-compliant operators. "We will not hesitate to act against businesses that ignore their obligations. Maintaining the integrity of Australia's financial system is our top priority."

Good to know

Offsetting arrangements used by remitters are identified as a heightened money laundering risk in AUSTRAC's 2024 National Risk Assessment

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