thecoinrepublic.com
Intro: To tackle the issues of cryptocurrencies and money laundering issues, ACE Exchange is keeping its work up to date to help the users of cryptocurrencies protect their savings.
For ACE Exchange, security is the topmost priority in tackling the issues of fraud, money laundering cryptocurrency. At a time when the world is embracing cryptocurrency and trying to take control over them to prevent financial crimes, ACE has come up with numerous measures to meet relevant requirements and help tackle money laundering.
ACE Exchange is a leading cryptocurrency exchange based in Taiwan. The exchange is helping Taiwan’s regulatory authorities to establish a secure and transparent cryptocurrency environment.
To achieve its goals, the ACE exchange has partnered with KMPG, KGI BANK, CYBAVO and Lockton to give protection against anti-money laundering and other financial crimes on its platform, providing a secure crypto trading platform for all users.
Crypto popularity
Crypto has received fantastic recognition in current years, especially amongst younger investors. The exponential boom in investments in cryptocurrencies has also raised issues of AML and other unregulated transactions among cryptocurrency holders.
To avert cryptocurrency from becoming the breeding ground for money laundering, authorities have tightened regulations for the industry. Taiwan has also laid down new cryptocurrency rules enacted on July 1. Under it, it is mandatory to require cryptocurrency exchanges to verify and evaluate user identities.
David Pan, Founder, ACE Exchange said that the exchange has worked with KPMG to installed region applicable measures to combat cash laundering and terrorism financing practices. This was done by scrutinizing user information and identities even before the rollout of the Taiwanese AML regulations for cryptocurrencies.
ACE Exchange has also partnered with Taiwan’s criminal and investigative authorities to help establish AML mechanisms within the crypto space.
Dual protection
For the new Taiwan dollar and crypto assets, ACE gives dual protection. In 2020, ACE partnered with KGI Bank to offer FIA Fund Trust custody. It is powered by the blockchain security firm CYBAVO.
ACE has also partnered with S&P AA rated international insurance company Lockton. Under them, users can enjoy all-around protection. ACE is one company that has always been focused on protection and security which laid a robust groundwork for regulatory compliance regarding AML and KYL in partnerships with law firms, accounting firms and financial institutions.
To subjugate finance of terrorism risks and address AML, ACE got guidance from KPMG to set up transaction procedures and ensure regulatory compliance.
KPMG Taiwan in 2021 has helped ACE Exchange in planning the product development and operating procedures by relevant Taiwan’s laws and regulations, to meet the standards of high profile financial banks. ACE Exchange is running number one for its services like risk management and safety protocols for the crypto industry.