Applying the Bank Secrecy Act, FinCEN Regulations and Sanctions to the Emerging NFT Market – Money Laundering
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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, such as art. As detailed below, the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has provided guidance on the applicability of anti-money laundering and anti-terrorist financing (AML) laws to cryptocurrencies. currencies. Recent Congressional actions and statements also show an increased focus of the fight against money laundering on the art world, suggesting that the industry may be subject to more anti-money laundering regulation. silver, as do other industries with high-value assets, such as precious metals, stones, and jewelry. Although there is far less regulatory guidance on NFTs specifically, the rules and regulations for these related asset classes, as well as recent statements on NFTs by regulators, can provide insight into the AML considerations that NFT market players should keep in mind and precautions they can take. currently wish to take.
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