New York describes benefits of blockchain analytics for banks

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,”

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