Blockchain data platform Chainalysis announced that BNY Mellon 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.
BNY Mellon is building the industry’s first multi-asset digital custody and administration platform for traditional and digital assets, and 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.
Caroline Butler, global head of Custody, Tax and Network Management for BNY Mellon, said in a statement: “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.”
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.