In a double boiler or a heatproof bowl set over a saucepan of simmering water, combine the coconut milk, almond butter, vanilla extract, cinnamon, nutmeg, and sweetener.
Stir the mixture constantly over medium heat until everything is melted, smooth, and thoroughly combined.
Remove the bowl from the heat and allow it to cool at room temperature for about 10 minutes.
Then, transfer the bowl to the refrigerator and chill for at least 45 minutes, until the mixture is firm enough to scoop and roll.
Pour the shredded coconut into a shallow dish. Use a small cookie scoop or a spoon to portion the chilled mixture, rolling it between your palms to form 1-inch balls.
Roll each ball in the shredded coconut until it's evenly coated on all sides.
Place the finished balls on a parchment-lined plate and refrigerate for 2-3 hours to set completely before serving.