BNY Mellon to Integrate Chainalysis for Crypto Compliance

Chainalysis, the blockchain data platform, announced that BNY Mellon, the world’s largest asset servicer, will be the first Global Systemically Important Bank with plans to utilize Chainalysis’s compliance software as part of their risk management program. This integration will form a component of BNY Mellon’s strategy to develop cryptocurrency services for its clients. According to a story in MarketsMedia news, BNY Mellon is building the industry’s first multi-asset digital custody and administration platform for traditional and digital assets. BNY Mellon plans to integrate the full Chainalysis compliance software suite to assess broader cryptocurrency trends and granular activity in support of its compliance and due diligence practices. The Chainalysis risk management software suite includes Chainalysis KYT (Know Your Transaction), Reactor, and Kryptos. Chainalysis KYT performs continuous, real-time transaction monitoring for all cryptocurrency assets to detect patterns of high-risk activity. Chainalysis Reactor, the investigative tool, provides deeper due diligence into suspicious activity. Chainalysis Kryptos offers high-level insight into cryptocurrency services including transaction volumes, counterparties, and benchmarking, so that financial institutions can develop effective compliance frameworks.