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Non-fungible tokens (NFTs) often involve two areas with known money laundering and terrorist financing risks: cryptocurrencies and high-value assets, like art.
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Non-fungible tokens (NFTs) often involve two areas with known
money laundering and terrorist financing risks: cryptocurrencies
and high-value assets, like art. As detailed below, the U.S.
Treasury Department's Financial Crimes Enforcement Network
(FinCEN) has provided guidance on the applicability of statutes
related to anti-money laundering and terrorist financing (AML) to
cryptocurrencies. Recent actions and statements from Congress also
show an increased AML focus on the art world, suggesting that the
industry may be subject to more AML regulation, as are other
industries with high-value assets, like precious metals, stones,
and jewels. While there is far less regulatory guidance on NFTs
specifically, the rules and regulations for these related asset
classes, together with recent statements on NFTs by regulators, can
provide insight into the AML considerations that NFT market
participants should bear in mind and what precautions they may wish
to take currently.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
