Financial Watchdog Urges NY-Regulated Banks to Roll Out Blockchain Analytics to Aid in Risk Management

NYDFS wants crypto-curious banks to use blockchain analytics tools

The tools can help when banks evaluate exposure to money laundering and sanctions activity or consider the risks associated with offering a particular crypto product, the regulator said Wednesday.

Financial Watchdog Urges NY-Regulated Banks to Roll Out Blockchain Analytics to Aid in Risk Management

Legal observers lauded the New York State Department of Financial Services guidance, which builds off previous recommendations issued in 2022 by the watchdog.

NY Regulator Pushes Banks to Embrace Blockchain Analytics

New York’s top financial regulator has directed banks to integrate blockchain analytics into their compliance systems, signaling a move toward stricter oversight of risks linked to digital assets. The guidance reflects growing concerns that traditional financial institutions are increasingly exposed to cryptocurrency-related activities without adequate monitoring tools. The directive, issued by Superintendent Adrienne Harris of the New York Stat…

New York Expands Blockchain Analytics Compliance to All State Banks as Digital Asset Oversight Intensifies News ETHNews

New York’s banking regulator now requires all state banks to use blockchain analytics for monitoring digital asset transactions. The directive extends compliance obligations beyond crypto firms, urging traditional banks to adopt tools like Chainalysis for risk screening. New York is pushing traditional banks deeper into crypto compliance. The state’s Department of Financial Services (NYDFS) directed all state-chartered banks and licensed foreign…

New York Regulators Push Banks to Adopt Blockchain Analytics

New York’s top financial regulator urged banks to adopt blockchain analytics, signaling tighter oversight of crypto-linked risks. The move reflects regulators’ concern that traditional institutions face rising exposure to digital assets. While crypto-native firms already rely on monitoring tools, the Department of Financial Services now expects banks to use them to detect illicit activity. NYDFS Outlines Compliance Expectations The notice, issue…

NYDFS Recommends Blockchain Analytics Tools to Banks Involved With Virtual Currencies

Banking institutions that aim to get involved in activities related to virtual currencies should consider adopting blockchain analytics tools for additional risk management capabilities, New York State Department of Financial Services Superintendent Adrienne A. Harris said Wednesday (Sept. 17). …