AML Policy

The Policy of Anti-Money Laundering (AML)

The laundering of money is the criminal process of converting the amounts of illegally obtained money (by terrorism, corruption, drug dealing etc.) with hiding its true source into legal investments. It happens because illegal nature of such funds will not be discovered being material values.

The “Know Your Transaction” policy aims to counteract the illicit use of the Ace Xchanger Service and its platform
The Ace Xchanger Service strictly adheres to the aforementioned policy to ensure the safety and security of its users. This commitment also extends to preventing the potential laundering of funds acquired through unlawful means.

The Service possesses the right to employ lawful methods for detecting transactions that appear to be involved in illegal activities. These methods inсlude internal algorithms as well as collaboration with certified partners who offer specialized tools and techniques

The Service operates in full compliance with the Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations stipulated by banks, exchanges, payment systems, and other relevant institutions with which it maintains partnerships.

A government of every country fights against money laundering and terroristic financial operations because it is necessary to prevent the entry of criminal funds into the economics. Financial and commercial institutions are the most easily accessible for illegal processes of terroristic and criminal organizations. Especially digital currency services are come-at-able. Thus, our company Ace Xchanger takes an active part in prevention such a criminal activity in the whole world. For these goals we do the following actions:

1.    We conduct the process of verification client’s identity and personal information and watch all the transactions made by customers.

2.    Our team traces all suspicious operations of the users and also those operations, which were made under irregular circumstances.

3.    If our company will suspect the illegal activity or money laundering, it has a full right to cancel such a transaction at any step.

4.    According to the international law, Ace Xchanger Company is not obligated to give customer any notifications about suspicion in user’s criminal actions.

5.    Such company’s actions are based on AML FATF references. To prevent the suspicious operations and verify client’s identity, the team of our company has a right to updаte its electronic systеm on the regular base according to new regulations (if those appear). We arrange also different pieces of training for our staff for improving the methods of struggle against money laundering.

5.1 In cases where a cryptocurrency payment is flagged as potentially illegal, the Service retains the authority to take the following measures:

– Temporarily freeze the user’s funds pending completion of the verification process.
– Halt the ongoing transaction.
– Suspend the initiation and execution of new orders.
– Request documentation verifying the legitimate source of the funds.
– Mandate the completion of KYC procedures
– Decline processing the order, accompanied by a refund subjected to a 6.1 processing fee.

6.    Refunds are made after a full check by the Service’s security service, which may inсlude identification of the sender.

6.1 Refunds are made minus a commission of up to 20% of the transaction amount to cover the labor costs for processing the application and arranging a refund.

6.2 The return, subject to approval by the Service, will be processed by the Service within 180 calendar days, starting from the date when the User was notified with the decision of the Service regarding his return request.

6.3 Refunds that have not passed the AML check are allowed only at the source of receipt.

7. Sanctions

Ace Xchanger exchange service does not operate with sanctioned platforms. In case the AML department detects deposits originating from sanctioned platforms, the funds will be held until the customer completes AML verification. Performing exchanges or processing refunds is not possible until the investigation into origin of the funds is completed.

7.1 The list of the most popular sanctioned and high risk platforms:

Tornado Cash;
Lazarus Group;
Genesis Market;
Any Iranian platforms and other platforms of prohibited/sanctioned countries.

7.2 Interaction with government agencies in cases established by law. In the event of a formal request from law enforcement or judicial authorities, we will be required to provide them with the requested information. Also, the Service Administration has the right to provide the data requested by official representatives of payment systems.

7.3 The timeframe for conducting AML verification is from 30 to 180 business days; however, depending on the complexity of investigating a specific case and the timing of the customer’s provision of information and documents confirming identity and the source of funds, it may take an indefinite period. The client will be notified about the completion and results of the investigation via a letter sent to the email address provided in the application.


List of Required and Supported Documents:

Some of the following documents might be required during verification process at
Conditions for the return of funds stopped for verification based on the results of the AML analysis of the transaction:

Identity Verification:

  • Government issued International Passport
  • Government issued Identity Card
  • Government issued Driving License
  • Selfie with Identity Document

Address Verification:

  • Utility bill or Bank Statement, not older than 6 month
  • Paper versions or electronic versions are allowed
  • No modifications are allowed to the documents

Additional Verification Documents:

  • Photo of Credit Card (in specific cases, only when making payment with your Debit/Credit Cards)
  • Selfie with Credit Card (in specific cases, only when making payment with your Debit/Credit Cards)
  • Photo with printed or handwritten declaration (in specific cases, for high amounts)

Please note: All required documents should be provided in good quality, all texts should be readable, there should not be any modifications or edits of the document photos, otherwise we would have to reject them and request a new copies without modification or in better quality.

Last updated: July 18, 2024