FINTRAC imposes an administrative monetary penalty on Peken Global Limited

FINTRAC imposed an administrative monetary penalty of CAD 19,552,000 on Peken Global Limited (also operating as KuCoin), a Seychelles-incorporated foreign money services business operating in Canada, for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated Regulations. Violations included failure to register with FINTRAC as a foreign money services business, failure to report large virtual currency transactions of CAD 10,000 or more, and failure to submit suspicious transaction reports where there were reasonable grounds to suspect money laundering or terrorist financing.