BNY Mellon, the world’s largest custodian bank, has now tapped blockchain security firm Chainalysis to track, record, and utilize data of cryptocurrency products offered by the bank. The latest marks Chainalysis’s first major agreement with a systematic bank.
Bank of New York (BNY) Mellon is the oldest bank in the United States, managing more than $46 trillion in assets as of December 31, 2021. The bank established its digital assets division in February last year and began offering crypto custody services soon after.
The banking giant will now utilize Chainalysis’ compliance software as part of its risk management program. With the integration, BNY Mellon will be able to detect high-risk trading activities in real-time and leverage tools that help investigate suspicious activities.
The banking giant recently announced plans to develop the first multi-asset digital custody and administration platform for traditional and digital assets. For this, BNY Mellon will integrate Chainalysis’ full compliance software tool to assess “broader cryptocurrency trends and granular activity in support of its compliance and due diligence practices.”
Chainalysis’ risk management software suite includes Chainalysis KYT (Know Your Transaction), Reactor, and Kryptos. The tools allow companies to monitor real-time transactions, suspicious activities, and multiple other insights such as transaction volumes, counterparties and benchmarking.
Caroline Butler, Head of Custody, Tax and Network Management at BNY Mellon, commented:
“BNY Mellon enters the digital asset market as the most trusted asset servicer in the space. Working with Chainalysis and other leading fintech providers is foundational to our role as a trusted innovator and the extension of our capabilities into products that serve the growing cryptocurrency market.”
BNY Mellon to integrate Chainalysis compliance tools tracking users’ transactions appeared first on Our Bitcoin News.
