04:13 PM EST, 12/11/2024 (MT Newswires) -- Currency Exchange International, Corp. ( CURN ) .TO) at the close of trade Wednesday announced that Exchange Bank of Canada, 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.

According to a statement, "this administrative action does not assert that EBC has been involved in money laundering or terrorist financing."

President and CEO, Randolph Pinna, said" "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."

Wednesday's statement noted 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.

CXI closed down $0.17 or 0.7% at $22.82 today.