- NYDFS mandates blockchain tools for banks.
- Adrienne Harris leads initiative.
- Enhances oversight of illicit activities.
The NYDFS mandates New York-regulated banks implement blockchain analytics tools to tackle illicit activities like money laundering. Superintendent Adrienne Harris emphasizes adapting compliance as banks engage more with virtual currencies, necessitating updated risk management tools.
This directive signifies a significant shift in regulatory compliance, emphasizing the integration of new technologies to counter illicit financial activities. It highlights New Yorkโs robust stance on overseeing digital asset activities in its financial sector.
NYDFS Embraces Digital Tools
โAs traditional banking institutions expand into virtual currency activities, their compliance functions must adapt, onboarding new tools and technologies to mitigate new and different risks,โ said Adrienne Harris, Superintendent, NYDFS.Blockchain analytics, such as those from Chainalysis and Elliptic, will become pivotal. These tools facilitate better assessment of transactions and customer relations, providing detailed insights into potential illicit activities. New Yorkโs strong regulatory framework underscores its commitment to pioneering digital finance protection. Historical enforcement actions, like the fine against Block, exemplify NYDFSโs proactive stance on compliance (mandates blockchain tools).
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NYDFS Mandates Blockchain Tools for Compliance in Banks
The New York State Department of Financial Services, led by Superintendent Adrienne Harris, mandates banks to integrate blockchain tools by October 2023 for better oversight of illicit activities.
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