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LOUISVILLE, Ky.–(BUSINESS WIRE)–Source7, a leading provider of home appliance and systems asset intelligence, today announced a strategic data infrastructure partnership

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The post NYDFS orders banks to adopt blockchain analysis appeared on BitcoinEthereumNews.com. The New York Department of Financial Services (NYDFS) has issued a guidance letter, signed by Superintendent Adrienne A. Harris, urging financial institutions to integrate blockchain analytics tools into compliance programs to strengthen anti-money laundering prevention, sanctions compliance, and combat abuses related to digital assets. The directive is addressed to “Covered Institutions,” meaning New York state-chartered banks and branches or agencies of foreign banks authorized to operate in the State. According to data collected from industry reports and field experiences of compliance teams, the adoption of on-chain analytics improves the quality of reports and investigative capability in AML/CFT investigations. Industry analysts also note that, in tests and pilot projects conducted over the past 18 months, the integration between on-chain tools and KYC systems has led to measurable improvements in investigation times and the explainability of alerts. The directive also fits into the international framework outlined by the Financial Action Task Force, which with the October 2021 update reiterated the need for a risk-based approach for VASP and industry operators. What the NYDFS Requires from Banks In the letter, the NYDFS urges financial institutions to assess and, when appropriate, adopt blockchain analytics solutions to support KYC procedures, transaction monitoring, and counterparty risk assessment, with particular attention to Virtual Asset Service Providers (VASP). In the presence of new offerings or substantial modifications to virtual currency activities, prior approval is required, in line with the guidelines already provided on VCRA and compliance analyses. The message is clear: controls must be proportionate to the business model and the risk appetite of each institution. In this context, banks must document the assessment carried out, update their risk framework, and periodically review the exposure related to digital assets. Risks, sanctions, and on-chain analysis The growing adoption of digital assets expands the risk surface to which banks are…