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HomeLaw & PoliticsNew York state gears up with DFS to enforce sanctions against Russia

New York state gears up with DFS to enforce sanctions against Russia

The Department of Financial Services, or DFS, has accelerated the procurement of new blockchain analytics technology as part of New York state’s attempts to enforce sanctions against Russia.

The agency will use the technology to help detect exposure to Russian persons and firms subject to federal sanctions by virtual currency enterprises regulated by the department, according to a statement released Wednesday. Governor Kathy Hochul of New York signed an executive order on February 27 urging state agencies to divest from Russian institutions and enterprises, as well as entities that support them.

Individuals and businesses involved in a variety of activities involving virtual currency must apply for a BitLicense in New York. No more information about the analytics technology that the state is looking for was provided.

In March 2021, the DFS convened a techsprint to establish a digital regulatory reporting structure for virtual currency enterprises. Techsprints are “intensive problem-solving meetings aimed to foster creativity, collaboration, and innovative solutions to complex situations.” The event organisers were working with some participants at the time to accelerate the development of their ideas, it was reported.

Anti-money laundering compliance and client safety are usually ensured through blockchain research. To understand transactions, the approach frequently combines tracing transfers on the blockchain with data gathered off-chain.

Kunal Krishan
Kunal is an investment space writer who firmly believes investment is something which should not be a choice but a part of everyone's life.
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