Skip to Primary Navigation

Skip to main content

New York describes benefits of blockchain analytics for banks

Image is of a virtual currency ATM.
Photo: Ricardo Ceppi/Getty Images

Julie DiMauro

2 min read
 Click to share on Facebook (Opens in new window/tab) Click to share on Twitter (Opens in new window/tab) Click to share on LinkedIn (Opens in new window/tab) Click to share on WhatsApp (Opens in new window/tab)

NYDFS guidance directs banks to use blockchain analytics tools to mitigate money laundering and sanctions evasion risk if they’re conducting cryptocurrency-related transactions.

Financial institutions continue to experience increasing interest in virtual currency via virtual currency business entities or through customers according to the New York Department of Financial Services (NYDFS).

Responding to this reported demand the NYDFS has now issued a “Notice on Use of Blockchain Analytics for New York Banking Organizations,”

, , , , , , , , , , , , ,

Get full access, free for a month

Start your 28-day free trial to continue reading and access
all content on GRIP – no payment details required.

Start free trial Sign in

What’s included:

  • Every new article, plus our 5,000+ archive
  • Daily regulatory insight and guidance
  • Exclusive interviews and in-depth analysis
  • Coverage of industry-leading events and conferences
  • All podcasts and videos, featuring industry experts
  • The full set of Rules Navigator tools
  • An ad-free experience