Currency Exchange International, Corp. Announces Exchange Bank of Canada Appeal of FINTRAC’s Penalty
11 Dezembro 2024 - 6:00PM
Currency Exchange International, Corp. (“Currency Exchange” or the
“Company”) (TSX:CXI) (OTCPK:CURN) today announced that Exchange
Bank of Canada (“
EBC” or “
the
Bank”) , a federally chartered Canadian Schedule 1 bank
and a 100% wholly owned subsidiary of the Company, has filed a
notice of appeal with the Federal Court of Canada in relation to
the Financial Transactions and Reports Analysis Centre of Canada’s
(FINTRAC) notice of administrative monetary penalties of $2.46
million involving the Bank.
This administrative action does not assert that
EBC has been involved in money laundering or terrorist
financing.
“EBC takes its compliance, monitoring, and
reporting obligations very seriously,” said President and CEO,
Randolph Pinna. “We believe that substantial enhancements were
implemented in recent years and EBC remains committed to
maintaining the highest standards of ethical conduct and regulatory
compliance. EBC will continue to ensure our compliance regime keeps
pace with evolving standards and industry practices.”
EBC is of the opinion that the penalty is not
commensurate with the alleged violations. Given that this matter is
the subject of an appeal, EBC does not intend to comment further at
this time.
About Currency Exchange International,
Corp.
Currency Exchange International is in the
business of providing comprehensive foreign exchange technology and
processing services for banks, credit unions, businesses, and
consumers in the United States and select clients globally. Primary
products and services include the exchange of foreign currencies,
wire transfer payments, Global EFTs, and foreign cheque clearing.
Wholesale customers are served through its proprietary FX software
applications delivered on its web-based interface, www.cxifx.com
(“CXIFX”), its related APIs with core banking platforms, and
through personal relationship managers. Consumers are served
through Group-owned retail branches, agent retail branches, and its
e-commerce platform, order.ceifx.com.
The Group’s wholly-owned Canadian subsidiary
Online FX, Exchange Bank of Canada, based in Toronto, Canada,
provides foreign exchange and international payment services in
Canada and select international foreign jurisdictions. Customers
are served through the use of its proprietary software,
www.ebcfx.com (“EBCFX”), related APIs to core banking platforms,
and personal relationship managers.
Contact Information
For further information please contact: Bill
Mitoulas Investor Relations (416) 479-9547 Email:
bill.mitoulas@cxifx.com Website: www.cxifx.com
CAUTIONARY STATEMENT REGARDING
FORWARD-LOOKING INFORMATION
This press release includes forward-looking
information within the meaning of applicable securities laws. This
forward-looking information includes, or may be based upon,
estimates, forecasts, and statements as to management’s
expectations with respect to, among other things, the nature and
terms of the FINTRAC penalty, the merits or possible outcome of the
appeal, and ongoing regulatory compliance measures and the adequacy
thereof. Forward-looking statements are identified by the use of
terms and phrases such as “anticipate”, “believe”, “could”,
“estimate”, “expect”, “intend”, “may”, “plan”, “predict”,
“preliminary”, “project”, “will”, “would”, and similar terms and
phrases, including references to assumptions.
Forward-looking information is based on the
opinions and estimates of management at the date such information
is provided, and on information available to management at such
time. Forward-looking information involves significant risks,
uncertainties and assumptions that could cause the Company’s actual
results, performance, or achievements to differ materially from the
results discussed or implied in such forward-looking information.
Actual results may differ materially from results indicated in
forward-looking information due to a number of factors including,
without limitation, the ability of the Company and EBC to comply
with regulatory requirements, the ability of the Company to manage
regulatory infractions and enforcement measures without impairing
the operation of its business or undertaking, the ability of the
Company to adopt and adhere to regulatory requirements, the
competitive nature of the foreign exchange industry, the impact of
infectious diseases or the evolving situation in Ukraine on factors
relevant to the Company’s business, currency exchange risks, the
need for the Company to manage its planned growth, the effects of
product development and the need for continued technological
change, protection of the Company’s proprietary rights, the effect
of government regulation and compliance on the Company and the
industry in which it operates, network security risks, the ability
of the Company to maintain properly working systems, theft and risk
of physical harm to personnel, reliance on key management
personnel, global economic deterioration negatively impacting
tourism, volatile securities markets impacting security pricing in
a manner unrelated to operating performance and impeding access to
capital or increasing the cost of capital as well as the factors
identified throughout this press release and in the section
entitled “Financial Risk Factors” of the Company’s Management’s
Discussion and Analysis for the three and nine-months ended July
31, 2024. The forward-looking information contained in this press
release represents management’s expectations as of the date hereof
(or as of the date such information is otherwise stated to be
presented) and is subject to change after such date. The Company
disclaims any intention or obligation to update or revise any
forward-looking information whether as a result of new information,
future events or otherwise, except as required under applicable
securities laws.
The Toronto Stock Exchange does not accept
responsibility for the adequacy or accuracy of this press release.
No stock exchange, securities commission or other regulatory
authority has approved or disapproved the information contained in
this press release.
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