CHEYENNE, Wyo.– The Wyoming Division of Banking has announced a one-year deal with Chainalysis in a bid to monitor cryptocurrency activity on blockchains.
The partnership aims to reduce the cases of money laundering, navigating around sanctions, and other illicit acts using digital assets, Bitcoin Exchange Guide reported.
The state banking watchdog is set to leverage Chainanalysis’ blockchain monitoring tools allowing state regulators to periodically test and monitor crypto transactions for any illegal activities.
According to one of the top banking commissioners in Wyoming, Albert Forkner, the partnership is set to enhance verification standards of state banks’ compliance with KYC/AML regulations, the Bank Secrecy Act, and sanction requirements while dealing with virtual assets.
“Chainalysis equips my office with the tools we need to ensure our banks are conducting deposit-taking, custody, and fiduciary activities with digital assets in a safe and sound manner,” Forkner said.