BNY Mellon to Utilise Chainalysis

BNY Mellon has plans to utilise Chainaylsis’ compliance software as part of its risk management programme in its digital assets business to assess broader cryptocurrency trends and granular activity in support of its compliance and due diligence practices.

The software suite includes Chainalysis KYT (Know Your Transaction), Reactor, an investigative tool, and Kryptos, which provides high-level insight into volumes, counterparties as well as benchmarking.

“BNY Mellon enters the digital asset market as the most trusted asset servicer in the space,” says Caroline Butler, global head of custody, tax and network management for BNY Mellon. “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.”

Jonathan Levin, co-founder and chief strategy officer, Chainalysis adds, “Chainalysis has always believed that financial institutions are critical to the overall growth and success of the cryptocurrency industry. BNY Mellon is the best of both worlds: it has the reputation of being one of the world’s most trustworthy banks while fostering an innovative and forward-thinking culture.”