Report of the British Security Think Tanks warns that NFTS could strengthen money laundering programs -
Report of the British Security Think Tanks warns that NFTS could strengthen money laundering programs -
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The Royal United Services Institute (Rusi), the British thinking factory for defense and security, questions whether fungal tokens (NFFT) cannot be used for money laundering purposes. The report states that a "know your customer" surveillance system must be "implemented" to reduce money laundering risks.
rusi: "NFT technology can ring alarm bells from the perspective of money laundering and financial crime"
The Royal United Services Institute for Defense and Security Studies, also known as rusi was founded in 1831 and is the oldest thinking for defense and security worldwide. On December 2, Rusi a test report which does not treat the topic (nft) Rusi researchers ask whether NFTs can contribute to money laundering systems or not.
"From the perspective of money laundering and financial crime, this technology can ring the alarm bells," warns Rusi. “First of all, NFTs are most often bought with cryptocurrencies on online marketplaces. Cryptocurrencies are routinely used for malicious purposes, for example to obscure the source of criminal yields.
The Rusi report entitled "NFTS: A New Frontier for Money Lundering?" Other states:
A system of "Know your Customer" guidelines and continuous surveillance must be implemented, similar to those that are used in the traditional art market and in compliant cryptocurrency exchanges.
money laundering is considered everyday in the traditional art market-Rusi researchers say that "art streak is also possible in the NFT area"
money laundering in the traditional art scene is a for decades lasting . The investigative reporter of the New York Times, Graham Bowley on June 19 that US politicians Want to examine art market. "Intimate posture has long been part of the mysticism of the art market, but now the legislators say that they fear that it should be promoted and approached abuse," wrote Bowley.
RUSI researchers emphasize that criminal actors can also infiltrate NFT markets and use “new risks”. "A art stalk is also possible in the NFT area," adds the Rusi report. "Criminal actors can hack themselves in user accounts at NFT marketplaces and transfer NFTs to their own accounts. After the NFTS is transferred, the hacker can quickly sell the stolen tokens and try to wash the proceeds."
While Rusi researchers believe that money laundering in the world of art and collectibles can be prevented, the report also emphasizes that "NFT forgery and theft can also be contained". Rusi suggests that NFT marketplaces use two-factor authentication solutions (2FA) and ensure "good cyber security". In addition, Rusi suggests developing a tab of stolen NFTs, the "imitation" would The art loss register . "
What do you think of the Rusi report on NFTS and money laundering risks? Let us know your opinion on this topic in the comments below.
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