British Security Think Tank's Report Warns NFTs Could Bolster Money Laundering Schemes - Aliens: AI Crypto News & Markets Updates

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British Security Think Tank's Report Warns NFTs Could Bolster Money Laundering Schemes

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Bitcoin

Sat, Dec 04, 2021

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The report determines that in order to mitigate the money laundering risks a ‘know your customer’ monitoring system “needs to be implemented.” The Royal United Services Institute for Defence and Security Studies otherwise known as RUSI , was founded in 1831 and it is the oldest defense and security think tank worldwide.

Cryptocurrencies are routinely exploited for malicious means, such as obfuscating the source of criminal proceeds and, despite transactions being traceable, more sophisticated criminal actors use a variety of techniques to disrupt investigations by law enforcement.” The RUSI report called “NFTs: A New Frontier for Money Laundering?” further states: A system of ‘know your customer’ policies and ongoing monitoring, similar to those used in the traditional art market and in compliant cryptocurrency exchanges, needs to be implemented.

After transferring the NFTs, the hacker can quickly sell the stolen token(s) and attempt to launder the proceeds.” While RUSI researchers believe that money laundering in the NFT art and collectibles world can be deterred, the report also highlights that “NFT forgery and theft can also be mitigated.” RUSI suggests that NFT marketplaces use two-factor authentication (2FA) solutions and maintain “good cyber security.” Furthermore, RUSI suggests developing a registry of stolen NFTs that “would mimic the Art Loss Register .”

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