ACE Exchange Tackles Cryptocurrency Money Laundering With KPMG, KGI Bank and CYBAVO

 As nations around the world step up trying to take control over cryptocurrencies to prevent financial crimes, ACE Exchange, a leading cryptocurrency exchange based in Taiwan, has proactively implemented numerous measures to meet relevant requirements and help tackle money laundering, aiding Taiwan’sregulatory authorities to establish a secure and transparent cryptocurrency environment. 

David Pan, Founder of ACE Exchange, says security is the company’s top priority
David Pan, Founder of ACE Exchange, says security is the company’s top priority

To achieve this, ACE Exchange has formed partnerships with KPMG, KGI Bank, CYBAVO and Lockton to offer protection against anti-money laundering (AML) and other financial crimes on its platform, providing a secured crypto trading platform for all users.

Crypto assets have gained tremendous traction in recent years especially among young investors. Its exponential growth in popularity has also raised concerns over the inherent risks of unregulated transactions between cryptocurrency holders. To prevent cryptocurrencies from becoming the conduits for money laundering, authorities have tightened regulations for the industry, including the new Taiwan’s cryptocurrency rules enacted on July 1 which require cryptocurrency exchanges to verify and evaluate user identities.

“ACE Exchange has cooperated with KPMG to put in place relevant measures to fight against money laundering and terrorism financing practices by strictly scrutinizing user information and identities even before the rollout of the new Taiwanese AML regulations for cryptocurrencies. We have also joint hands with Taiwan’s criminal and investigative authorities to help establish well-rounded anti-money laundering mechanisms within the crypto space,” said David Pan, Founder of ACE Exchange.

Security is ACE Exchange’s top priority

ACE Exchange provides dual protection for the New Taiwan dollar and crypto assets. In 2020, the company collaborated with KGI Bank to set up “FIA Fund Trust Custody”. Powered by the world-renowned blockchain security firm CYBAVO, ACE Exchange is equipped with a state-of-the-art digital asset security system and third-party digital wallet for users. 

Meanwhile ACE Exchange’s partnership with the S&P AA-rated international insurance company Lockton allows users to enjoy all-around protection. 

Since its inception, ACE Exchange has set priority on security and user protection, which laid a robust groundwork for regulatory compliance regarding AML and KYL in partnership with world-leading law firms, accounting firms and financial institutions. 

In early 2018, ACE Exchange received guidance from KPMG to set up transaction procedures and ensure regulatory compliance to address AML and countering the financing of terrorism (CTF) risks. 

In 2021, Rex Chu, Risk Consultant and Executive Vice President of Forensic Accounting Services of KPMG Taiwan, assisted ACE Exchange in planning the product development and operating procedures in accordance with relevant Taiwan’s laws and regulations, to meet the standards of high-profile financial banks. It has placed ACE Exchange at the forefront of the crypto industry in building and strengthening its risk management protocols and user protection mechanisms.

About ACE Exchange

Established in 2018 by David Pan, former COO of KPMG Innovation and Startups, ACE Exchange is one of the biggest cryptocurrency platforms with best-in-class digital security measures in Taiwan. It currently ranks second in Taiwan in terms of trading volumes in Bitcoin, Ethereum and StableCoins. The brand is committed to building the most professional Fiat to Crypto exchange and providing a channel for all Taiwanese people to access cryptocurrencies easily. 

SOURCE ACE Exchange

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