Bank of New York (BNY) Mellon, the world’s largest custodian bank is integrating Chainalysis’s compliance software as part of their risk management program. The move comes a year after BNY Mellon announced plans to build the industry’s first multi-asset digital custody platform for cryptocurrencies. 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 tril...
