Non-fungible tokens (NFTs) often involve two areas with known money laundering and terrorist financing risks: cryptocurrencies and high-value assets, like art. As detailed below, the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has provided guidance on the applicability of statutes related to anti-money laundering and terrorist financing (AML) to cryptocurrencies. Recent actions and statements from Congress also show an increased AML focus on the art world, suggesting that the industry may be subject to more AML regulation, as are other industries with high-value assets, like precious metals, stones, and jewels. While there is far less regulatory guidance on NFTs specifically, the rules and regulations for these related asset classes, together with recent statements on NFTs by regulators, can provide insight into the AML considerations that NFT market participants should bear in mind and what precautions they may wish to take currently.