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The rise of non-fungible tokens, or NFTs, and their integration into other online services without any notable regulatory guardrails presents new financial crime-related risks to the global banking system, Latvia's Financial Intelligence Unit, or FIU, has warned. With an average trading volume of $1 billion a month, NFTs, unique cryptographic tokens recorded on blockchains that certify ownership of digital or real-world items, have made a place for themselves in the virtual landscape. A heightened threat of illicit finance soon followed, especially as anti-money laundering rules do not cover NFTs yet in most countries. Subpar due-diligence and transaction monitoring systems at...