Upco International Inc. Has Registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)
Vancouver, British Columbia--(Newsfile Corp. - January 11, 2019) - Upco International Inc. (CSE: UPCO) (OTCQB: UCCPF) (FSE: U06) ("Upco") is pleased to announce that it has successfully registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). FINTRAC is Canada's financial intelligence unit (FIU), providing financial intelligence and compliance functions necessary to ensure the safety of Canadians and the protection of the integrity of Canada's financial system.
Registration with FINTRAC is a foundational step in Upco's strategy to extend its e-commerce services under the UpcoPay brand, currently under development in the European Union, into other jurisdictions, including Canada.
Mr. Andrea Pagani, CEO and President of Upco, commented, "with our work in the European Union, Upco is at the forefront of the innovative solutions associated with the evolving and highly regulated e-commerce paradigm. Registration with FINTRAC is an important first step in introducing our services into Canada, while ensuring full regulatory compliance."
FINTRAC's mandate is to facilitate the detection, prevention and deterrence of money laundering and the financing of terrorist activities, while ensuring the protection of personal information under its control. The centre acts at arm's length and is independent from the police services, law enforcement agencies and other entities to which it is authorized to disclose financial intelligence. It reports to the Minister of Finance, who is in turn accountable to Parliament for the activities of the Centre.
About Upco International Inc.
Upco International Inc. is a cloud-based mobile service company which provides high-quality voice termination to a market driven by the growing activity in online communications and commerce. Upco is a licensed Global Telecom Carrier within the international VoIP (voice over IP) wholesale business. Upco has designed a software application for Apple iOS and Android, similar to SKYPE and WhatsApp. With the forthcoming addition of the Upco e-Wallet using Blockchain Payment Services, users will be able to: send invoices, approve payments, transfer international funds, convert international currencies, and track transfers and payments. The application will also allow vendors to securely share account information with their clients.
ON BEHALF OF THE BOARD OF DIRECTORS
Andrea Pagani, CEO and Director
212 461 3676
Trent Collet, Investor Relations
778 808 1175
Except for the statements of historical fact, the information contained herein is of a forward-looking nature. Such forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of the Company to be materially different from any future results, performance or achievements expressed or implied by statements containing forward-looking information. Such factors include continued availability of capital and financing and general economic, market or business conditions.
Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that statements containing forward looking information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on statements containing forward looking information. Readers should review the risk factors set out in the Company's Filing Statement as filed on SEDAR.