BNY Mellon to Integrate Chainalysis Compliance Software
Integrating Chainalysis’ Software Suite
Blockchain analysis firm Chainalysis stated that BNY Mellon plans to integrate its compliance software suite 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) which performs continuous, real-time transaction monitoring for all cryptocurrency assets to detect patterns of high-risk activity.
Similarly, Chainalysis Reactor is an investigative tool that provides deeper due diligence into suspicious activity while Chainalysis Kryptos offers insight into transaction volumes, counterparties, and benchmarking so that financial institutions can develop effective compliance frameworks.
“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,” Global Head of Custody, Tax and Network Management for BNY Mellon, Caroline Butler said in a statement.
BNY Mellon Embraces Crypto
With over $46 trillion in assets under custody, BNY Mellon is the largest holder of securities, commodities, and cash in the world.
This is not the first time BNY Mellon has dabbled in the crypto space. In March 2021, the custodian bank invested in Fireblocks, a firm that provides cryptocurrency infrastructure to banks and fintech firms.