Fintrac says that Peken Global is not registered with Fintrac if a company for foreign money services, has not reported large virtual currency transactions and has not submitted suspicious transaction reports. Bureau director and CEO Sarah Paquet said in a statement that the rules are present to protect the Canadians and the economy, and that Fintrac cooperates with companies to help them understand and meet their obligations. “We are also stuck to ensure that companies are contributing and we will take suitable actions when they are needed,” she said.
Kucin said that it is strong with the findings and fine of the agency and claims that it should not be classified as a company for foreign money. “We do not agree with this decision about both substantive and procedural grounds, and we have pursued all available legal roads to guarantee a fair result for Kucin,” said Chief Executive BC Wong in a statement. “As always, we remain fully committed to transparent activities and compliance with all applicable laws.”
Kucin’s problems go beyond Canada, with large American penalties
The failures include nearly 3,000 transactions of more than $ 10,000 that the company should have reported between 1 June 2021 and 8 May 2024 in what Fintrac has classified as a small violation.
The watchdog says that the company also failed in 33 cases to report transactions in which there were reasonable grounds to suspect that they were related to money laundering or terrorist financing, in what it categorized as a serious non-compliance or a very serious violation, and said that the loss of critical information will be loss. The suspicious cases include transactions between Peken Global Ltd. And large dark web or illegal digital market places that are suspected of facilitating harmful cyber activities in Canada and the sale of illegal goods and services, the agency said.
It is not the first time that the company has undergone problems with the authorities. In January, the company argued guilty of sending a shipment without a permit in the United States and agreed to pay fines in total more than US $ 297 million, said the American lawyers’ office. The American settlement also included that the company agreed to leave the American market for at least two years and for two of the founders of Kucin to no longer play a role in the management or activities of the company.
Kucin was founded in 2017 and says it serves users in more than 200 countries and regions.
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