July Anti-Money Laundering Regulations Implemented! ACE Cryptocurrency Exchange Collaborates with KPMG to Ensure Compliance

In order to prevent virtual currencies from being used for money laundering, many countries are strengthening regulations. The Financial Supervisory Commission of Taiwan has formulated the "Prevention of Money Laundering and Counter-Terrorist Financing Measures for Virtual Currency Platforms and Trading Businesses" this year. Starting from July 1st, "virtual currency platforms and trading businesses" have been included in the anti-money laundering scope. To comply with the international standards issued by the Financial Action Task Force (FATF) and anti-money laundering regulations, the Financial Supervisory Commission will implement a "real-name system" for "virtual currency investment" transactions. Businesses will be given a one-year adjustment period to guide them in implementing anti-money laundering measures, such as verifying customer identities (KYC), record keeping, and reporting suspicious transactions.

In order to prevent virtual currencies from being used as tools for money laundering, many countries are strengthening regulations. Taiwan's Financial Supervisory Commission has developed the "Measures for Preventing Money Laundering and Combating the Financing of Terrorism for Virtual Currency Platforms and Trading Businesses" this year. Starting from July 1st, "virtual currency platforms and trading businesses" have been included in the anti-money laundering scope. After the new regulations take effect, in order to comply with the international standards issued by the Financial Action Task Force (FATF) and anti-money laundering regulations, the Financial Supervisory Commission will implement a "real-name system" for "virtual currency investments." Businesses will be given a one-year adjustment period to implement anti-money laundering measures, including verifying customer identities (KYC), record keeping, and reporting suspicious transactions.

Anti-money laundering! ACEhas already implemented real-name verification and introduced KGI New Taiwan Dollar Trust andCYBAVOdigital asset custody.

"ACE Exchange," as Taiwan's highest standard local exchange, was founded by Pan Yizhang. While serving as the Chief Operating Officer of KPMG's Innovation and Start-up Services team, he observed the global trends in influential financial technology (Fintech) and blockchain technology. He boldly founded the only exchange registered in Taiwan at the time, "ACE Exchange," and in 2018, collaborated with KPMG, one of the world's four major accounting firms, to provide a legality report before going live. This made KPMG the first firm to assist a Taiwanese exchange!

Founder Pan Yizhang stated, "The 'Measures for Preventing Money Laundering and Combating the Financing of Terrorism for Virtual Currency Platforms and Trading Businesses' that took effect in July this year has already been prepared and implemented by ACE and KPMG. This includes real-name verification such as name checks and personal data identification. If suspicious transactions are detected, we cooperate with the government's Investigation Bureau, Criminal Investigation Bureau, and Fraud Prevention Network 165 to prevent fraud and money laundering. In addition, ACE Exchange provides dual protection for "New Taiwan Dollars" and "virtual currencies." In 2020, it collaborated with KGI Bank to establish "New Taiwan Dollar fund custody," and partnered with the globally renowned white-hat hacker group CYBAVO to enhance the security of users' "virtual currency assets" on the platform. It also uses a digital asset wallet provided by a reputable third party and provides insurance coverage for each user from the international insurance company Lockton Insurance, rated AA by Standard & Poor's."

KPMGassists virtual currency exchanges, implements anti-money laundering regulations, and ensures the exchanges are legal and compliant!

From the beginning, ACE has accepted KPMG's guidance on the "Trading Process Overview" and the "ACE EXCHANGE Anti-Money Laundering and Combating the Financing of Terrorism Policy," and provided a legality analysis report for operations in Taiwan. In 2021, KPMG's Risk Consulting and Forensic Accounting Services Executive Vice President Zhu Chengguang assisted in planning products and operating processes in accordance with domestic laws, adhering to legal compliance standards for KYC and AML regulations. In contrast, other virtual currency exchange operators in Taiwan have only recently begun notifying their users to supplement personal information to comply with the regulatory real-name verification standards. Moreover, various countries have introduced anti-money laundering regulations. The Financial Crimes Enforcement Network (FinCEN) under the U.S. Department of the Treasury has emphasized preventing virtual currencies from becoming channels for online crime money laundering as a priority in its anti-money laundering policies. It has negotiated with various U.S. financial regulatory agencies and law enforcement agencies to propose the first cross-government "Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT)" policy, expected to be implemented in the coming months, indicating a broader trend."

ACEACE, Taiwan's local flagship virtual currency exchange, upgrades to dual trust! Providing investors with peace of mind and security!

Governments around the world generally lack clear regulations for managing digital currency exchanges. How can one determine the reliability of an exchange? In addition to brand reputation, founding time, stable operations and profits, and team qualifications, where the exchange holds user funds is crucial. Funds held by traditional financial institutions are subject to government oversight, but exchanges are not.

ACE is a local fiat digital currency exchange in Taiwan, established for nearly three years, ranking among the top two exchanges in Taiwan. The trading volume of global mainstream currencies such as Bitcoin (BTC), Ethereum (ETH), and the U.S. Dollar Stablecoin (USDT) in Taiwan ranks at the top. In July 2020, ACE entrusted KGI Bank to serve as the "New Taiwan Dollar fund custody bank," upgrading the security of users' digital assets. It also commissioned KGI Bank to act as the "New Taiwan Dollar fund custody bank," providing the investment platform with a high-standard online identity verification KYC process. Additionally, it uses CYBAVO Vault digital wallets to build a software structure similar to online banks, encrypting data through professional cryptographic mechanisms to help manage digital assets more securely and effectively. With an additional layer of password protection for user data and assets, the exchange's security is enhanced, providing peace of mind for investors!