Bank of New York Mellon to use Chainalysis software for crypto compliance
Feb. 23, 2022 8:00 AM ETThe Bank of New York Mellon Corporation (BK)By: Liz Kiesche, SA News Editor
- Bank of New York Mellon (NYSE:BK) will be the first global systematically important bank (G-SIB) to use Chainalysis compliance software in its risk management program, as part of its strategy to develop cryptocurrency services for its clients.
- The move comes about a year after BNY Mellon (BK) said it would start custodial lending plans to custody bitcoin for clients.
- Blockchain data platform Chainalysis said BNY Mellon (BK) will integrate its software to assess broader cryptocurrency trends and granular activity in support of its compliance and due diligence practices.
- Chainalysis risk management software products include Chainalysis KYT (Know Your Transaction), Reactor, and Kryptos. KYT performs real-time monitoring for all crypto assets to detect patterns of high-risk activity; Reactor is an investigative tool that provides due diligence into suspicious activity, and Kryptos offers insight into crypto services including transaction volumes, counterparties, and benchmarking.
- In March 2021, BNY Mellon invested in Fireblocks, a firm that provides cryptocurrency infrastructure to banks and fintechs.