Canada's anti-money laundering agency fines KuCoin's parent company approximately $14.09 million

According to Reuters, Canada's anti-money laundering agency said Thursday it had fined Peken Global Limited, the operator of the KuCoin cryptocurrency exchange, 19.6 million Canadian dollars (14.09 million U.S. dollars). Canada's Financial Transactions and Reports Analysis Centre (FINTRAC) said the Seychelles-based company failed to register as a foreign money services business, failed to report large virtual currency transactions of 10,000 Canadian dollars or more, and failed to file suspicious transaction reports, which are mandatory for all financial institutions. This is the largest fine ever imposed by FINTRAC.