NFTs are awesome to art enthusiasts, art piece collectors, and content creators, as NFTs hold evidence of ownership.
Yet, this also creates a space vulnerable to money laundering.
Business KYC verification is not a totally unexplored vision for NFTs.
Yet, the NFT marketplace should proactively implement AML and business KYC procedures.
Users prove their identity via the service of Know Your Customer (KYC) guidelines before they can access or buy the market's NFT products.
At the same time, companies must still be aware of the customer experience. Safety measures that significantly expand the time and effort required to create an account or execute an action can steer frustration and possible customer loss.
Vespia makes it simple and easy for you. With real-time data from over 4000 AML databases and commercial registers of 300 jurisdictions, conduct business KYC checks in less than 30 seconds.
Ensuring customers are who they say they are is a crucial step in lowering NFT money laundering risk.
That begins with identity verification tools that help prove the identity of potential customers or vendors by assessing delivered data and records against government databases and money laundering watchlists.
Vespia provides an identity verification service with easy integration and a fast process to make customer onboarding painless.
Guarantee user's live presence and match face against delivered ID photographs. Allow verifications across channels with mobile, webcam, or web options.
By implementing KYC and AML into the NFT market, regulators, market stakeholders, and customers can find a user-friendly solution without compromising the advantages of decentralization.
Know more about fraud in the Metaverse in our blog post.
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