Crypto Compliance NFT Reports

What is an NFT?

An NFT is a non-fungible unit of data stored on a Blockchain, a unique type of digital content that can be sold and exchanged. NFT data unit types can be associated with digital files such as photos, videos, and audio. 

NFT AML Reports

Art has long been a money-laundering tool for criminals. NFTs can be used for money laundering purposes as they essentially have common characteristics with traditional art but they are easier to transfer due to their digital form. Also, NFT trading offer enhanced pseudonymity with the use of blockchains.

Basically, NFTs can be attractive for money laundering because they:

  • Are easily transferable between wallets;
  • Offer enhanced pseudonymity without the need for KYC;
  • Are highly speculative and have volatile prices.

Scorechain can provide AML reports for NFT projects who are willing to become compliant and prevent money laundering during the minting phase. This guarantees that the buyers of the NFTs are using clean funds and validates the profile.

In these reports, Scorechain provides insightful analysis about the origin of crypto in order to identify relations with illegal activities such as hacks, phishing, dark web marketplaces, etc. 

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NFT projects must share investors’ crypto addresses that are whitelisted to the Scorechain team. The team will be able to create a report with information about AML risk associated with each address provided:

  • On-chain risk scoring for the origin of the crypto
  • On-chain risk scoring for the destination of the crypto
  • Default risk scoring is defined by Scorechain for the Entity associated

This allows NFT projects to become compliant in regard to regulators. The report can also be a reliable proof for banks, regulators, and authorities.

Success Case

Customer: Lacoste

NTF: lacosteundw3

Size: 11,212

Description: Lacoste Genesis Collection on the Ethereum Blockchain. Scorechain helped Lacoste to be able to AML proof all the whitelisted addresses before the NFT Drop, ensuring that all addresses and funds would be trusted sources.