Growing consumer access to cryptocurrency requires a careful examination of the funds being used to purchase NFTs and the use of a comprehensive compliance monitoring solution that can help detect and prevent NFT money laundering and market manipulation.
Identity - Establish customer identity.
Customer’s Activities - Understand the nature of the customer’s activities (primary goal is to satisfy that the source of the customer’s funds is legitimate)
AML Risk - Assess money laundering risks associated with that customer for purposes of monitoring the customer’s activities.
Jurisdiction - Choosing respectable jurisdiction with a comfortable AML regime.
Taking these steps and having an effective overall AML compliance program demonstrates to regulators and customers that an NFT business is serious about its obligations to prevent criminals from using its services for illegal purposes.