Story perspectives

NYDFS Mandates Blockchain Analytics for Bank Compliance

9/18/2025

Summary

Story summary

The New York State Department of Financial Services (NYDFS) requires banks to implement blockchain analytics for compliance in virtual currency activities.
Superintendent Adrienne Harris highlighted the importance of adapting compliance functions to address digital asset risks.
The guidance specifies using blockchain analytics for customer wallet screening and fund source verification.
NYDFS aims to enhance monitoring to combat money laundering and illicit activities.
This directive expands on 2022 guidance, applying to all New York banking organizations.

History

Historical Context

In 2015, New York's Department of Financial Services introduced the BitLicense to regulate virtual currency businesses, requiring compliance with anti-money laundering standards. This move followed the 2013 classification of cryptocurrency businesses as money transmitters by the Financial Crimes Enforcement Network. The recent directive for banks to adopt blockchain analytics underscores the increasing recognition of digital asset risks, aiming to enhance oversight and combat illicit activities in the evolving cryptocurrency landscape.

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Story summary

The New York State Department of Financial Services (NYDFS) requires banks to implement blockchain analytics for compliance in virtual currency activities.
Superintendent Adrienne Harris highlighted the importance of adapting compliance functions to address digital asset risks.
The guidance specifies using blockchain analytics for customer wallet screening and fund source verification.
NYDFS aims to enhance monitoring to combat money laundering and illicit activities.
This directive expands on 2022 guidance, applying to all New York banking organizations.

1 / 2