Police Scotland said information passed to them had been assessed and nothing was identified that would warrant further investigation. The decision follows a complaint, reported by the Sunday Mail in July, about how income of more than £1.5m had been spent by the organisation.
A Police Scotland spokesperson said: "We received information which was assessed and nothing was identified which would warrant further investigation."
The complaint was made after concerns raised by campaigners linked to the investigation into SNP finances. The Sunday Mail reported the complaint came from David Henry, while other reports name campaigners Sean Clerkin and David Hendry. Clerkin's earlier complaints sparked the Operation Branchform inquiry that led to the conviction of former SNP chief executive Peter Murrell for embezzling more than £400,000 from the party.
Lawyers for Blair Jenkins, Yes Scotland's former chief executive, said the allegations were false and that all of the organisation's income had been fully accounted for. Solicitor Aamer Anwar said the original story was based on "a very basic misunderstanding of accounts" and was a "desperate attempt to link Peter Murrell's criminal conduct to the financial affairs of Yes Scotland Ltd".
"Mr Jenkins is grateful to Police Scotland, but is sorry they were forced to waste valuable resources and time on such spurious and unfounded allegations," Anwar said.
Yes Scotland, launched by former First Minister Alex Salmond, has not been active since 2014. The group handed its full accounts to police in July.