BNY Mellon overhauls risk management to develop crypto services

BNY Mellon has formed a new partnership with Chainalysis to help boost its risk management programme, using the company’s compliance software as part of its strategy to develop crypto services.

The bank announced in February last year that it is building what it describes as the industry’s “first multi-asset digital custody and administration platform for traditional and digital assets”.

BNY Mellon 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.

“BNY Mellon enters the digital asset market as the most trusted asset servicer in the space,” said 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.”

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