The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has imposed a CAD 19,552,000 administrative monetary penalty on Peken Global Limited, also operating as KuCoin, for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its regulations. The penalty was issued to the Seychelles-incorporated foreign money services business operating in Canada. FINTRAC found administrative violations including failure to register with FINTRAC as a foreign money services business, failure to report large virtual currency transactions of CAD 10,000 or more in a single transaction with the prescribed information, and failure to submit suspicious transaction reports where there were reasonable grounds to suspect links to money laundering or terrorist activity financing.
Financial Transactions and Reports Analysis Centre of Canada 2025-09-25
Financial Transactions and Reports Analysis Centre of Canada fines KuCoin operator Peken Global Limited CAD 19.552 million for AML reporting and registration breaches
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has levied a CAD 19,552,000 penalty on Peken Global Limited, also known as KuCoin, for breaches of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. Violations include failure to register as a foreign money services business, report large virtual currency transactions, and submit suspicious transaction reports.