The fashion house's weekend event in Venice includes the introduction of haute blockchain technology.

This weekend in Venice, celebrities and fashionistas gather in anticipation of the Dolce & Gabbana Alta Moda, Alta Sartoria and Alta Gioiellleria fashion shows.

This year, things will be different as the fashion house prepares to debut the release of the non-interchangeable token (NFT) "Collezione Genesi" in collaboration with UNXD, built on Polygon, the Ethereum Level 2 network.AML is a set of rules, laws and procedures that identify and prevent criminals from disguising illicit funds as legitimate income. AML policies help banks and financial institutions fight financial crime. AML rules require banks to collect customer information, monitor and audit their transactions, and report suspicious activity to financial regulators. In addition, the AML retention period requires deposits to remain in the account for at least five trading days. Banks can use this holding period to help combat money laundering and manage risk.

The long-awaited Collezione Genesi NFT release will include a total of nine NFTs, including a rare tiara set with diamonds and red emeralds - the "Impossible Tiara," created by Dolce & Gabbana co-founders Domenico Dolce and Stefano Gabbana.

CoinDesk got a sneak peek at the rare NFT, which features stunning diamonds and rubies mined in Brazil. Tomorrow, the collection will be presented to a select group of fashionistas, celebrities and members of the press.- Suspicious Activity Reporting - extensive records of every major financial transaction to help law enforcement agencies track criminal activity.

Luxury culture is all about flaunting expensive pieces, so it's no surprise that high-end fashion brands like Dolce & Gabbana are entering the NFT arena as notable consumption moves into the digital sphere.In 2018, $4.27 billion in fines were imposed on organizations that failed to comply with AML regulations. The amount of fines in 2019 nearly doubled to $8.14 billion. And fines paid in 2020 totaled more than $10 billion. In addition to serious administrative fines, institutions that fail to comply with AMLs can damage their reputation and lose customers. A financial institution's image suffers if it is associated with corrupt individuals or businesses.

High-end publications such as Vogue Singapore are also taking part, and the fashion magazine is printing an issue filled with NFT, including a "fiery" dress by Balmain. (Vogue UK, for example, had an exclusive on D&G NFT.)

"NFTs are a new channel for storytelling, culture creation and the consumer experience that technology happens to provide," Shashi Menon, founder of UNXD and publisher of Vogue Arabia, said in an earlier interview with Vogue.CAP refers to the process of identifying new customers using official documentation. CIP is the process of verifying a customer based on this documentation and official databases. Continuous monitoring means that crypto exchanges must have systems in place to identify suspicious transactions and ensure that customer information is up-to-date.

Earlier this month, British luxury fashion brand Burberry launched an NFT collection in partnership with Mythical Games. Other fashion brands are known to be working on NFT projects.