TechFlow news, September 17 — According to The Block, the New York State Department of Financial Services (NYDFS) issued guidance on Wednesday requiring banks to adopt blockchain analytics technology to combat illegal activities. Adrienne Harris, NYDFS Superintendent of Financial Services, stated that as traditional banking institutions expand into virtual currency operations, their compliance functions must adapt to new circumstances by introducing new tools and technologies to mitigate emerging risks. The guidance specifically emphasizes the importance of using blockchain analytics tools for customer wallet risk screening and digital asset product risk assessment. This requirement aims to prevent illicit activities such as money laundering, terrorist financing, and sanctions evasion.
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