What is Risk-Based Approach (RBA) in KYC/AML?
In the mid-1990s, KYC and AML regulations were still new and prescriptive in nature. Banks and Financial Institutions were forced to tick the boxes and follow best practices.
Non-Fungible Tokens (NFTs) present one of the latest innovative applications of blockchain technology. However, they are also presenting new challenges to regulators’ and businesses’ Anti-Money Laundering (AML) efforts – as well as for creatives seeking to protect their intellectual property. In this article, we expand on what KYC for NFT marketplaces can look like and how implementing robust KYC measures can be of benefit to the industry as a whole.