DFS Issues Guidance on Use of Blockchain Analytics: Guidance Highlights Importance of Blockchain Analytics Tools in Preventing and Managing Financial Risks and Suspicious Activities

Sullivan & Cromwell LLP - May 5, 2022
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The New York State Department of Financial Services issued guidance to New York-licensed or -chartered virtual currency businesses regarding the importance of leveraging blockchain-based analytics tools in connection with processes and policies designed for compliance with various federal and state laws, including KYC-related controls, transaction monitoring and sanctions screening, given the unique characteristics of virtual currencies.
 
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