Fortress Blockchain Technologies today announced that it has added the Web3 industry’s first sanctions screening and compliance layer to an embeddable wallet for NFTs, fungible rewards tokens and cryptocurrency. This creates the world’s first enterprise grade, embeddable wallet that protects businesses and their users against bad actors, terrorist financing, and money laundering without intrusive personal identity requirements on users.
NFT marketplaces, crypto exchanges, production studios, sports agencies and other Web3 innovators are becoming increasingly aware of their role and responsibilities in mitigating not only fraud on their platforms but also their services being used for illicit activities that include terrorist financing, money laundering, sanctions evasion, and enablement of financial crimes.
With the Fortress embeddable Wallet, crypto exchanges, NFT marketplaces, metaverses, Web3 projects, and corporate brands can now breathe easy as Fortress screens over 1,000 sanctions and enforcement lists including OFAC, EU, Canada, and other global jurisdictions. Fortress also continuously scans against watchlist updates as well as all incoming and outgoing transactions against blacklists and known “bad actor” third-party wallets.
“NFTs, just like other things of value, are recognized by federal and state authorities as a way for money launderers and other bad actors to potentially defraud consumers and the financial system. Thankfully, the regulatory guidance is clear and we can build technology into the wallet to deter and defeat this kind of activity,” said Kevin Lehtiniitty, cofounder and CTO of Fortress Blockchain Technologies.
“The responsibility to ensure your services are in compliance with regulations should not be taken lightly” said Albert Forkner, CEO of Fortress Trust and the former Banking Commissioner (WY) and Chairman of the Conference of State Bank Supervisors, “as everyone from Fortune 500 companies to FinTechs to startups leverage Web3 to deliver new experiences and power new products they need to button up their regulatory obligations to avoid being considered complicit in criminal activities. Our services relieve them of that pressure and get the job done.”
The Fortress NFT and crypto wallet can be safely embedded into any firms’ proprietary web and mobile apps. This enables businesses, non-profits, and governmental organizations of all sizes to confidently leverage blockchain technology for the tokenization of documents, contracts, event tickets, healthcare records, securities, music, film, and other electronic-form items.