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

    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

    Related articles



    Please enter your comment!
    Please enter your name here

    Share article

    Latest articles

    Atlantis Exchange Received 30,000,000 Advanced Bitcoin as Liquidity

    SEATTLE, WA, May 20, 2022 /24-7PressRelease/ — Atlantis Exchange is pleased to announce that a deposit of 30,000,000 Advanced Bitcoin (“aBTC”), a green cryptocurrency...

    These indicators show how the equities sell-off is influencing crypto prices to fall down

    Cryptocurrencies experienced on May 10 a large market crash, losing over 10% in a single day of most of the coins. This is the...

    Xendit Raises $300M to Grow Payments Platform

    Southeast Asia payments platform Xendit closed a $300 million Series D funding round that brings its total investment capital since 2015 to $538 million,...

    Top Cryptocurrency Prices Today, May 20: After crypto crash, Bitcoin, ETH, Solana, ADA, Polkadot, Matic rise upto 6%

    Top Cryptocurrencies of the World Prices Today in India (May 20, 2022): The global crypto market cap recovered 2.87% in the last 24 hours...

    Ethereum to Merge in August as Final Testing Begins

    The Merge is a milestone upgrade that transitions the Ethereum network consensus mechanism from proof-of-work mining to proof-of-stake (PoS). It is a significant step...


    Subscribe to stay updated.